A Primary Information Provider (PIP) is an organisation approved by the Financial Conduct Authority (FCA) to disseminate regulated information from listed companies to the market. PIPs ensure that price-sensitive information reaches all market participants simultaneously and in a standardised format.
Regulatory Framework
PIPs operate under strict FCA regulations:
- DTR 8: Disclosure Guidance and Transparency Rules Chapter 8 establishes approval criteria and ongoing obligations
- DTR 6.3.4R to DTR 6.3.8R: Standards for making announcements
- FCA approval required: Must meet technical and operational standards for secure and timely dissemination
- Ongoing oversight: Subject to FCA monitoring and compliance reviews
Role and Responsibilities
PIPs must:
- Receive and validate: Check information meets regulatory requirements
- Disseminate widely: Distribute to media, data vendors, and the public
- Ensure security: Maintain secure transmission of regulated information
- Maintain records: Keep audit trails of all announcements
- Ensure timeliness: Process and release information promptly
- Provide public access: Make information freely available for at least 5 years
FCA-Approved Primary Information Providers
As of November 2025, the following PIPs are approved by the FCA:
| Provider | Service Name | Location |
|---|---|---|
| London Stock Exchange | RNS | London, UK |
| Business Wire Europe Ltd | Business Wire | London, UK |
| Cision Group Ltd | PR Newswire | London, UK |
| EQS Group GmbH | EQS | Munich, Germany |
| GlobeNewswire UK Limited | GlobeNewswire | Gloucester, UK |
| Modular Finance AB | MFN | Stockholm, Sweden |
The current list is maintained by the FCA's Primary Market Specialist Supervision team at marketsecurities.fca.org.uk.
National Storage Mechanism
The National Storage Mechanism (NSM) serves as the official repository for regulated information under the Transparency Directive framework. All announcements disseminated via PIPs are archived in the NSM for public access.
Types of Information
PIPs are used to disseminate:
- Inside information (under MAR)
- Financial results and reports
- Director dealings (PDMR transactions)
- Major shareholding notifications
- Corporate actions and governance announcements
- Prospectuses and offer documents
Regulatory Requirements
Under MAR and DTR, companies must:
- Use an FCA-approved PIP for regulated information
- Ensure simultaneous disclosure to all market participants
- Release inside information "as soon as possible"
- Follow standards in DTR 6.3.4R to DTR 6.3.8R for announcements
- Maintain announcement archives for at least 5 years
Distinction from News Wires
Unlike commercial news wires, PIPs are FCA-approved and mandatory for disseminating regulated information. They ensure market-wide distribution and maintain strict audit trails for regulatory compliance. A company may use a commercial news wire for general press releases, but must use a PIP for any information required under MAR, DTR, Listing Rules, or Prospectus Rules.