Companies Act 2014 section 1070

Duty of PLC to notify authorised market operator

Section 1070 requires a public limited company whose shares or debentures are traded through an authorised market operator to pass on to that market operator any notifications it receives from its directors or secretary about interests in those shares or debentures.

• A "relevant PLC" is one whose shares or debentures are traded through an authorised market operator
• When a director or secretary notifies the PLC of a matter relating to those traded shares or debentures (as required under their disclosure duties in Chapter 5 of Part 5), the PLC must pass that notification on to the market operator
• The PLC must fulfil this notification obligation by the end of the day following the day on which the obligation arises
• Failure to comply is a category 3 offence for the PLC and any officer in default