Listed companies will have to make more financial information available to investors in their half-yearly reports under new measures added to the Transparency Directive by the European Commission.
The Commission has adopted measures supplementing the EU legal framework established by the directive on transparency obligations of listed companies, following a positive vote of the European Securities Committee and a strong endorsement from the European Parliament.
It says the directive and its implementing measures will improve the quality of information available to investors on companies’ performance and financial position, as well as on changes in major shareholdings.
The implementing measures supplement the Transparency Directive with regard to:
- Issuers’ disclosure of financial information in half-yearly reports;
- Investors’ disclosure of major holdings;
- Minimum standards for pan-European dissemination of regulated information to the public; and
- Minimum requirements for accepting equivalence of third-country regulations in respect of some elements of the directive
The Commission has also launched a consultation on the design of a possible network of national mechanisms to store regulated financial information, as envisaged by the directive.
Charlie McCreevy, internal market and services commissioner, says: “These measures say how EU rules on the transparency of company information should work in practice. They will make a big difference to investor protection, investor confidence and the functioning of European capital markets.”
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