A FTSE100 Company Secretary writes...
I would be interested to hear from other listed PLCs their thoughts on EQS Group, an outfit that are messaging customers of RNS Submit about their two outages in 2022, one in January and one more recently. EQS are suggesting that not being able to use the RNS service to publish disclosures could have put us in breach of Articles 17 – 19 of the Market Abuse Regulation (MAR), the Listing Rules, and the Disclosure Guidance and Transparency Rules (see DTR 8.4.3R).
Are other issuers considering having accounts with two PIPs, allowing them to ensure their regulatory information is disseminated in a timely manner should there be a problem with their usual PIP?
We are looking at adding a second provider following the recent outages. We have an ongoing share buyback program and don’t want to risk not being able to release an RNS as our PR firm won’t issue releases for us.
We have never had more than 1 and never had a problem with RNS Submit.. But will check with our Financial PR people whether they have access to other services as a back up.
I have one account with RNS Submit but we address the risk being described here by also being to disseminate information by using our financial PR firm, and they have accounts with various PIPs. So If I can’t make an announcement for any reason using RNS Submit then I can email it to our PR firm and authorise them to release using another PIP
I believe you only need one. In practice though I have always had two or three in case one of them is out of order when I need it.