On 27 February 2009, following the issue of its consultation paper (CP 08/17)1 on the disclosure of Contracts for Difference (“CFDs”),2 the UK Financial Services Authority (“FSA”) published the Disclosure and Transparency Rules (Disclosure of Contracts for Differences) Instrument 20093 (the “New Rules”). With effect from 1 June 2009, the New Rules will amend Chapter 5 of the UK’s Disclosure and Transparency Rules (“DTR”). The effect of the New Rules is to require, for the first time, the disclosure of pure economic interests in the shares of listed UK companies.

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