FCA sets out updates to the National Storage Mechanism

Following a consultation, the FCA has set out its enhancements to the National Storage Mechanism (NSM).

The changes will introduce more comprehensive metadata requirements to improve functionality, making it easier for NSM users to find regulated information. In particular, the FCA is expanding requirements relating to:

• filing legal entity identifiers (LEIs); and
• updating headline information used to categorise regulated information.

The FCA is also introducing a requirement for all Primary Information Providers (PIPs) to use the same standard schema and API for submitting information to the NSM.

The new rules will come into force on 3 November 2025. The FCA intends to provide further information in 2025 on what issuers and users should expect from the new framework.