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Person discharging managerial responsibilities (PDMR)
Practical Law UK Glossary 4-200-9271 (Approx. 5 pages)
Glossary
Person discharging managerial responsibilities (PDMR)
This term has a different meaning depending on the context in which it is used:
- For the purposes of the UK Market Abuse Regulation (UK MAR), a person within an issuer, an emission allowance market participant or another entity referred to in Article 19(10) of UK MAR who is either of the following:
- A member of the administrative, management or supervisory body of that entity (that is, a director).
- A senior executive who is not a member of the bodies referred to above but who has regular access to inside information relating directly or indirectly to that entity and has power to take managerial decisions affecting the future developments and business prospects of that entity.
(Article 3(1)(25), UK MAR.)
For more information, see Practice note, UK MAR: PDMR transactions.
- For the purposes of section 90A of the Financial Services and Markets Act 2000 (FSMA):
- Any director of the issuer (or person occupying the position of director, by whatever name called).
- In the case of an issuer whose affairs are managed by its members, any member of the issuer.
- In the case of an issuer that has no persons within the first two bullet points above, any senior executive of the issuer having responsibilities in relation to the information in question or its publication.
(Paragraph 8, Schedule 10A, FSMA.)
For further discussion of the FSMA definition, which is narrower than the UK MAR definition, see Legal update, Issuer liability: meaning of PDMR for the purposes of section 90A (High Court).