The former rules relating to (i) the disclosure and control of inside information and (ii) transactions by persons discharging managerial responsibilities and their connected persons. The Disclosure Rules implemented certain parts of the Market Abuse Directive (2003/6/EC) (MAD) and, until 2 July 2016, were set out in chapters 1, 2 and 3 of the Financial Conduct Authority's Disclosure and Transparency Rules (DTR).

On 3 July 2016, MAD was repealed and replaced with the EU Market Abuse Regulation (EU MAR), which applied in the UK until the end of the UK-EU transition period. The rules in DTR 1, DTR 2 and DTR 3 were replaced with signposts to the relevant EU MAR provision and the Disclosure Rules were renamed the Disclosure Guidance.