In their March 2006 Consultation Paper on the implementation of the Transparency
Directive (TD), the FSA explained that responsibility for overseeing the Major
Shareholders Notification regime (MSN) would pass from the (then) DTI to the FSA.
This meant the (then) Companies Bill would give the FSA powers to extend the regime beyond the disclosure of ‘ownership’ of substantial equity positions to require the disclosure of substantial ‘economic interests’ in shares held through derivatives such as Contracts for Difference (CfDs).
The FSA invited respondents to consider the issue of derivative disclosure with a view to a longer-term discussion.