The FSA has recently received a number of queries regarding the disclosure obligations of persons discharging managerial responsibilities (“PDMRs”) as a result of the FSA’s investigation of the entrepreneur David Ross in December. Mr Ross belatedly disclosed that he had pledged shares in four companies of which he was a director as security against his personal loans. In order to clarify the position, the FSA released a statement on Friday 9 January 2009 setting out the disclosure requirements for PDMRs who grant security over their shareholdings.