This note outlines the obligations in the Disclosure Rules, in effect before 3 July 2016, under which persons discharging managerial responsibilities, and their connected persons, were required to disclose, to the issuer, transactions conducted on their own account in the issuer's shares.

For details of the requirements on PDMR transactions under the Market Abuse Regulation (Regulation 596/2014), effective from 3 July 2016, see Practice note, MAR: PDMR transactions.