Transparency Directive
This Directive aims to harmonise transparency requirements within the EU in relation to information disclosed by issuers whose securities are admitted to trading on a regulated market. For issuers whose securities are already admitted to trading on a regulated market, this Directive establishes disclosure rules for periodic information (annual financial reports, half-yearly financial reports, interim management statements) and ongoing information (notifications of changes in major holdings, information on shareholder rights), in order to protect investors, improve market efficiency and promote the integration of securities markets. This Directive applies to issuers of shares and debt securities admitted to trading on a regulated market in any Member State, but does not apply to units issued by collective investment undertakings.
Timeline
- 20 Jan 2005Entry into force
- 20 Jan 2007Publication of annual financial reports
- 20 Jan 2007Publication of annual financial reports
- 20 Jan 2007Interim management statements
- 20 Jan 2007Notification of major holdings
- 20 Jan 2007AuthoritiesTransposition into Member State law
- 20 Apr 2007Deadline for the first initial notification
- 20 May 2007Deadline for public disclosure of initial notifications
Key facts
- Reference
- Directive 2004/109/EC
- Adopted
- 15 Dec 2004
- Published
- 31 Dec 2004
- Status
- In force
- Amendments
- Amended several times (TD II, TD III)
- Topic
- ESG & Governance
- Industries
- Cross-sector, Financial Services
Main compliance requirements
Paid members only
The main compliance requirements, applicability questions and penalties are available in the ZC Smart Compliance Hub. Paid members and clients can sign in to the Hub to view them.
Related legislation
- Amends Directive 2001/34/EC (Directive of the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published on those securities)
- builds on Directive 2003/6/EC (insider dealing and market manipulation) and Directive 2003/71/EC (prospectus to be published when securities are offered to the public or admitted to trading on a regulated market)
- refers to Regulation (EC) No 1606/2002 (application of international accounting standards)
- refers to Directive 2004/39/EC (Markets in Financial Instruments Directive).
Official sources
Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers