Since 1 September, issuers have been required to use National Storage Mechanism (NSM) to fulfil their obligation to forward certain documents to the FSA for publication through the Document Viewing Facility (DVF). For further details on the NSM please see our corporate e-bulletin 2010/23.
By way of background, under Listing Rules 9.6 and 17.3.1, issuers are required to forward two copies of certain documents, for example circulars, to the FSA for publication through the Document Viewing Facility (DVF). The DVF is the facility which allows investors and other interested parties to access copies of those documents and was, until 1 September, provided by the FSA at its Canary Wharf offices.
As the DVF function is now provided as on online facility by the NSM and not the FSA, issuers are no longer required to send two copies of documents to the FSA for publication through the DVF. Posting the document on the NSM will satisfy the relevant Listing Rule requirements. Posting documents on the NSM will not however fulfil any obligation to make a document, for example a prospectus, public. Issuers must still use an RIS to disseminate information to the market as set out in the Listing Rules. The FSA has stated that any documents forwarded to the FSA for publication through the DVF after 31 August will be returned to the issuer for posting on the NSM.
The UKLA has published FAQs on the NSM which, amongst other things, contain suggested wording for the RIS announcement that a document has been submitted to the NSM. The FAQs are available on the FSA website. The FSA press release containing details of the NSM is also available on the FSA website.