EU Transparency Directive published, disclosure on non-financial information moving along

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13 Nov, 2013

The new European Transparency Directive has been published in the Official Journal and enters into force on the twentieth day following its publication. Additionally, a draft report on the proposal for disclosure of non-financial and diversity information by certain large companies and groups was presented to the European Parliament committee on legal affairs (JURI).

The new Transparency Directive closes an existing gap in the notification requirements by requiring disclosure of major holdings of all financial instruments that could be used to acquire economic interest in listed companies. A second major change is the fact that the requirement to publish quarterly financial information was abolished. This aims at reducing the administrative burden and encouraging long term investment. Finally country-by-country reporting disclosure requirements have been incorporated in the new Transparency Directive. Please click for access to the full text of the Directive in the Official Journal.  The amended Transparency Directive must be transposed into Member State law within two years of publication in the Official Journal.

The draft report on amendments to the European accounting legislation proposed by the European Commission (EC) in order to require certain large companies to provide additional information on social and environmental matters shows the amendments proposed by the EC next to suggested additional changes suggested by JURI. Also available is the draft opinion of the Committee on Economic and Monetary Affairs (ECON) commending the EC in seeking to improve transparency in the information provided by large companies in the EU and suggesting further improvements to the Commission's text. Please click for the drafts on the European Parliament website:

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