The FCA and HM Treasury have published a joint policy statement setting out their response to feedback received to their proposed amendments to FSMA and the DTR to implement the Transparency Directive Amending Directive, which amends the Transparency Directive. The Amending Directive must be implemented by Member States into domestic law by 26 November 2015. The FCA will also introduce some other changes to the DTR rules at the same time, which include amending Rule 5.1.5R relating to investment managers’ notification of shareholdings. Rule 5.1.5R is to be amended to allow all investment managers to disclose at 5%, 10% and higher EU thresholds rather than UK super-equivalent thresholds of 3% and every 1% thereafter. The FCA has decided that stock lending transactions should be subject to the same notification requirements as all other holdings within scope of the DTR. As a result, the FCA is not proceeding with its original proposal to introduce a new rule DTR 5.1.5R(1)(e), but DTR 5.1.1R(5) and DTR 5.1.3R(6) will be deleted.