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Transparency requirements for listed companies

Revised Directive on transparency requirements for listed companies – 12.06.2013

On 12 June 2013 the European Union adopted Directive 2013/50/EU amending the existing Transparency Directive (2004/109/EC).

Original proposal from the Commission:

Feasibility Study for a pan-European storage system for information disclosed by issuers of securities

External Study on the feasibility of a pan-European storage system for regulated information disclosed by issuers of securities (October 2011):

This study has been conducted for the European Commission following an invitation to tender published in 2010 (MARKT/2010/17/F). The report of the study does not necessarily reflect the views of the European Commission.

Consultation on the modernisation of the Transparency Directive 2004/109/EC

The Commission Services has launched a public consultation on the Modernisation of the Directive 2004/109/EC. The deadline for responses was 23 August 2010.

Conference on the operation of the Transparency Directive 2004/109/EC (11.06.2010)

This Conference, organised by the European Commission (the unit F2 in DG Internal Market and Services dealing with corporate governance and responsible for the Directive), aims at getting technical feedback from stakeholders on selected issues arising from the review of the application of the Directive 2004/109/EC on transparency obligations of listed companies. The conference will support on-going work in the European Commission regarding reporting obligation on the operation of the directive and its impact on the European Financial Markets, in line with article 33 of the same Directive.

The conference will be structured in two parts: one relating to the impact of the directive on smaller listed companies and the other to disclosure of major holdings of voting rights.

Application of the Transparency Directivee

General Implementing measures to the Transparency Directive

Adoption of the Directive (December 2004)

Directive (March 2003 - May 2004)

Second consultation (May 2002)

First consultation (July 2001)