Filings & disclosures
A PDMR, or person discharging managerial responsibility, is a term from EU and UK securities regulation referring to executives, directors, and certain senior managers at publicly traded companies who have regular access to inside information. PDMRs are required to disclose transactions in their company's securities to the relevant national authority, typically within three business days of the transaction.
The PDMR disclosure regime is the EU and UK equivalent of the SEC's Form 4. It applies to companies listed on regulated EU markets, the UK's FCA-regulated markets, and certain trading facilities. The specific rules vary by jurisdiction; Germany's BaFin, France's AMF, and the UK's FCA each administer their own versions.
PDMR transactions are public disclosures that appear in national authority registers and are picked up by data aggregators. They are a useful signal source for firms targeting European listed companies and their executives, particularly when combined with other director-dealing patterns.
Unlike Form 4, PDMR rules also extend to persons closely associated with the insider, such as spouses, dependent children, and certain controlled entities. This broadens the disclosure universe and occasionally surfaces secondary connections that are relevant for relationship mapping.
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