Transparency requirements for listed companies
Proposal of a Directive modifying the Transparency Directive 2004/109/EC
Commission proposes a Directive modernising the existing Transparency Directive: Commission reviews periodic reporting requirements and improves disclosure of major holdings.
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.
- Venue: Charlemagne building, 170 rue de la Loi, 1040,
Brussels (map
 )
- Date: 11 June 2010
- Programme:
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Conclusions:
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Videos of the conference
Application of the Transparency Directivee
- Commission report on the operation of the Transparency Directive (May
2010)
- Report
                      - Commission staff working document - The Review of the operation of
Directive 2004/109/EC: emerging issues
- External Study on the Application of the Transparency Directive (December
2009): executive summary, final report and annexes
This study has been conducted for the European Commission following an
invitation to tender published in 2008 (MARKT/2008/7/F).
The report of the study does not necessarily reflect the views of the European
Commission.
- Report on the more stringent national measures (December 2008)
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
- Standard forms
- Text voted at the ESC meeting of 17.11.2006
- Formal Commission draft implementing measures (May 2006)
- Preparatory work (November 2005 - May 2006)
- First DG Internal Market
Services’ working document (November 2005)
Invitation for public comment closed on 8.1.2006
- Summary of comments
received
- 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)
- CESR’s feedback statement of the
consultation process (June 2005)
- Mandate to CESR on general
implementing measures (June 2004)
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
- Commission Regulation establishing a mechanism for the determination of
equivalence of accounting standards
- Press release (08.01.2008)
- More information
- Press release (6.12.2006)
- Commission Decision
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)
- CESR’s feedback statement of the
consultation process (June 2005)
- Mandate to CESR on equivalence
of certain third country GAAP (June 2004)
Storage of regulated information
- Press release (15.10.2007)
- Commission’s recommendation (October 2007)
- Summary of comments received
- Comments received:
- Bundessparte Bank und Versicherung
- Association of British Insurers
- Bloomberg
- Borsa Italiana
- Zentraler Kreditausschuss
- Commission de Surveillance du Secteur Financier
- Deutsches Akieninstitut
- European Association of Public Banks
- European Banking Federation
- European Association of Listed Companies
- Euronext
- Federation of European Securities Exchanges
- International Capital Market Association
- Labrador
- DG Internal Market and Services’ working document (March
2007)
- Invitation for public comment
- CESR’s advise (July 2005 - June 2006)
- CESR’s Technical Advice (June 2006)
- CESR’s feedback statement of the
consultation process (June 2006)
- Mandate to CESR on Storage of
regulated information (July 2005)
Adoption of the Directive (December 2004)
- Final adoption of Transparency
Directive (17.12.2004)
Directive (March 2003 - May 2004)
- Unofficial version of the
final Transparency Directive (11.5.2004)
- European Parliament’s approval of proposed Transparency Directive is
good news for investors (30.3.2004)
- Commission proposes Directive
to increase investor protection and transparency (26.3.2003)
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
- Detailed information
First consultation (July 2001)
- Launch of the first consultation
- Full text of the Consultation
- Summary of the replies
received
- Result of the first consultation.
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