Europe adopts final transparency directive

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21 Dec 2004

The European Council and Parliament have approved a new Directive on minimum transparency requirements for listed companies.

The Directive must be implemented by EU Member States within two years of its publication in the EU's Official Journal, which should take place in the next few weeks. The Directive completes a package of Financial Services Action Plan measures adopted over the last two years – including the IAS Regulation, the Market Abuse Directive, and the Prospectus Directive – to establish a common financial disclosure regime across the EU for issuers of listed securities. Under the Directive, all securities issuers will have to provide annual financial reports within four months after the end of the financial year. Investors in shares will receive more complete half-yearly financial reports. Those issuers who do not publish quarterly reports will need to provide quarterly management statements. Bond issuers will also be required to publish half-yearly reports. Click for:

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