PS24/19: Enhancing the National Storage Mechanism

Read PS24/19 (PDF)

What we are changing

We are introducing more comprehensive metadata requirements to improve the functionality of the NSM. This will make it easier for NSM users to find regulated information. Specifically, we are expanding the requirement for the filing of legal entity identifiers (LEIs) and updating the headline information that is used to categorise regulated information.

We are also introducing a requirement for all Primary Information Providers (PIPs) to use the same standard schema and Application Programming Interface (API) for submitting information to the NSM. This will produce faster and standardised data exchange and processing, enabling us to implement improved data quality controls.

Who this applies to

Our final rules will affect:

• Issuers with transferable securities admitted to trading on UK regulated markets and the PIPs that disseminate and file regulated information on their behalf.
• Persons who have requested the admission of an issuer’s transferable securities to trading on a UK regulated market without the issuer’s consent will be affected in the same way as issuers.

Background

The NSM is our free-to-use online archive of company information. It enables users to access and download information about issuers. The NSM plays an important role in primary markets regulation. Further development of the NSM could increase market transparency for UK market participants.

In August 2024, we consulted on proposals that will enable us to implement improved data quality controls for the NSM to make it easier for NSM users to find information. To provide context for these proposals, our consultation also included an overview of our longer-term plans to improve the NSM.

Next steps

The new rules will appear in the FCA Handbook on 3 November 2025, which is when they will come into force. The technical note guidance will take effect at the same time.

We will provide more information in 2025 on what issuers and users of the NSM can expect to change as a result of the new rules. Some of our communications to issuers will be made through the PIPs. We will also issue an alert and post a banner targeted at users of the system that issuers use for making direct submissions to the NSM.