Transparency obligations of publicly traded companies


Application of the Transparency Directive

  • Report on the more stringent national measures (December 2008) PDFEnglish
  • External study on the application of the Directive Transparence (MARKT/2008/7/F)

General Implementing measures to the Transparency Directive

  • Commission Directive 2007/14/EC (March 2007)
  • Standard forms for the notification of major holdings and for the notification by market makers.
    • Letter from the Commissioner to CESR PDF - 145 KBEnglish
    • Standard forms PDF - 145 KBBulgarianČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMaltiNederlandsPolskiPortuguêsRomanianSlovenčinaSlovenščinaSuomiSvenska
       
  • Text voted at the ESC meeting of 17.11.2006
    PDF - 60 - 250 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
     
  • Formal Commission draft implementing measures (May 2006)
    PDF - 60 - 240 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
     
  • Preparatory work (November 2005 - May 2006)
    • First DG Internal Market Services' working document (November 2005) PDFEnglish
      Invitation for public comment closed on 8.1.2006
      PDFEnglish
    • Summary of comments received PDFEnglish
    • Comments received (Zip file)
  • CESR's advise (June 2004 - June 2005)
    • CESR's Technical Advice on possible implementing measures of the Transparency Directive (June 2005) PDFEnglish
    • CESR's feedback statement of the consultation process (June 2005) PDFEnglish
    • Mandate to CESR on general implementing measures (June 2004) PDFEnglish

Equivalence of third country accounting standards

  • Commission Decision 2008/961 of 12 December 2008 on the use by third countries’ issuers of securities of certain third country’s national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements
    PDF - 120 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMtNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
  • Commission Regulation establishing a mechanism for the determination of equivalence of accounting standards
    PDF - 120 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMtNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
  • Press release (08.01.2008)
  • More information PDFEnglish
  • Press release (6.12.2006)
  • Commission Decision
    PDF - 120 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMtNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska

See also page concerning the corresponding measure regarding the issuing of prospectuses by third country issuers

  • CESR's advise (June 2004 - June 2005)
    • CESR's Technical Advice on equivalence of certain third country GAAP (June 2005) PDF - 145 KBEnglish
    • CESR's feedback statement of the consultation process (June 2005) PDF - 145 KBEnglish
    • Mandate to CESR on equivalence of certain third country GAAP (June 2004) PDF - 145 KBEnglish
       

Storage of regulated information

  • Press release (15.10.2007)
     
  • Commission's recommendation (October 2007)
    • PDFBulgarianČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMaltiNederlandsPolskiPortuguêsRomanianSlovenčinaSlovenščinaSuomiSvenska
       
  • Summary of comments received PDF - 145 KBEnglish
     
  • Comments received:
    • Bundessparte Bank und Versicherung PDF - 145 KBEnglish
    • Association of British Insurers PDF - 145 KBEnglish
    • Bloomberg PDF - 145 KBEnglish
    • Borsa Italiana PDF - 145 KBEnglish
    • Zentraler Kreditausschuss PDF - 145 KBEnglish
    • Commission de Surveillance du Secteur Financier PDF - 145 KBEnglish
    • Deutsches Akieninstitut PDF - 145 KBEnglish
    • European Association of Public Banks PDF - 145 KBEnglish
    • European Banking Federation PDF - 145 KBEnglish
    • European Association of Listed Companies PDF - 145 KBEnglish
    • Euronext PDF - 145 KBEnglish
    • Federation of European Securities Exchanges PDF - 145 KBEnglish
    • International Capital Market Association PDF - 145 KBEnglish
    • Labrador PDF - 145 KBEnglish
       
  • DG Internal Market and Services' working document (March 2007) PDF - 145 KBEnglish
    • Invitation for public comment PDF - 145 KBEnglish
       
  • CESR's advise (July 2005 - June 2006)
    • CESR's Technical Advice (June 2006) PDF - 145 KBEnglish
    • CESR's feedback statement of the consultation process (June 2006) PDF - 145 KBEnglish
    • Mandate to CESR on Storage of regulated information (July 2005) PDF - 145 KBEnglish

Adoption of the Directive (December 2004)

  • Final adoption of Transparency Directive (17.12.2004)

Directive (March 2003 - May 2004)

Second consultation (May 2002)

  • Launch of the second consultation
  • Second Consultation Document: "Towards an EU Regime on transparency obligations for issuers whose securities are admitted to trading on a regulated market"
    • Cover note PDF - 159 KBSpanishGermanEnglishFrenchItaliian
    • Detailed information PDF - 216 KBSpanishGermanEnglishFrenchItaliian

First consultation (July 2001)

  • Launch of the first consultation
  • Full text of the Consultation PDF - 48-236 PDFSpanishGermanGreekEnglishFrenchItalianDutchPortugueseFinnishSwedish 
  • Summary of the replies received PDF - 37-43 PDFSpanishGermanEnglishFrenchItalian
  • Result of the first consultation.

Last update: 22-12-2008