EU Council approves Parliament's "Transparency Directive"

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13 May 2004

At its meeting on 10-11 May 2004, the Council of Economics and Finance Ministers of the European Union voted to support the draft Directive on transparency that was approved by the European Parliament on 30 March 2004. The Directive establishes minimum requirements with regard to information to be reported by issuers whose securities are admitted to trading on a regulated market.

Details of the Directive as approved by Parliament can be found Here. Among other things, the Directive would establish a mechanism for assessing at EU level the equivalence between international accounting standards and non-EU country accounting standards for the purpose of allowing companies from non-EU countries to submit their national GAAP financial statements rather than IFRS statements.

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