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Proposed EC "transparency" Directive for listed companies

  • European Union (old) Image

28 Mar 2003

The European Commission has published, and sent to the European Parliament and Council of Ministers, a proposed Directive that would upgrade the current level and frequency of the mandatory financial information that publicly traded companies must provide to the markets throughout the financial year.

Among the proposed requirements:

All securities issuers must publish:

  • An audited annual financial report (financial statements based on International Accounting Standards) and a management report, within three months of the end of each financial year.
  • A half-yearly condensed financial report based on IAS 34 as well as an update of the last annual management report.
Share issuers must also publish:
  • A less extensive quarterly financial report for the first and third quarters of a financial year, including turnover and profit and loss before or after tax.
Companies that issue only debt securities:
  • These companies are currently not subject to any interim reporting requirement at all.
  • Under the proposal they would be required to issue half-yearly financial reports for the first six months of a financial year.
All interim information must be published within 60 days after the end of the period. Click to download EC Press Release (PDF 89k) or Full Text of Proposed Directive (PDF 179k).

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