Close period

Under the Model Code (www.practicallaw.com/A36454) of the Listing Rules (www.practicallaw.com/A36363), a period of time during which persons discharging managerial responsibilities (www.practicallaw.com/4-200-9271) of a listed company are prohibited from dealing in the company’s securities. The close periods are:

  • The period of 60 days immediately preceding a preliminary announcement of the company’s annual results or, if shorter, the period from the relevant financial year end up to and including the time of the announcement; or

  • The period of 60 days immediately preceding the publication of its annual financial report or if shorter the period from the end of the relevant financial year up to and including the time of such publication; and

  • If the company reports on a half-yearly basis, the period from the relevant financial period end up to and including the time of such publication; and

  • If the company reports on a quarterly basis the period of 30 days immediately preceding the announcement of the quarterly results or, if shorter, the period from the relevant financial period end up to and including the time of the announcement.

The glossary to the FCA Handbook (www.practicallaw.com/5-107-6609) sets out the full definition of this term. When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of close period. For further details, see Practice note, The Model Code (www.practicallaw.com/1-200-8819).

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247244993012", "objName" : "Close period", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/us/resource/6-107-5930?source=relatedcontent", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "225c06952:14898bc5f01:-65e", "analyticsSessionCookie" : "225c06952:14898bc5f01:-65d", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }