EU is developing comprehensive disclosure legislation

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17 Jan 2002

With the objective of creating a fully integrated pan-European securities market, the European Commission is preparing a new proposal for a Directive dealing with ongoing and periodic transparency requirements of securities issuers.

The proposed Directive is likely to be submitted to the European Parliament and Council by the summer of 2002. The proposal will be based on views expressed by 90 respondents to a July 2001 invitation to comment. The main points expressed by respondents related to:
  • Consolidation of all existing periodic and ongoing disclosure obligations into a single legal text.
  • Upgrading of the periodic disclosure obligations of enterprises admitted for trading on a regulated market.
  • Publication of information via the Internet.
  • Each Member State should have a single authority responsible for public disclosure by securities issuers.
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