The implementation of the EU Transparency Obligations Directive--a country-by-country analysis |
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| Authors: | Sebire Marc-Etienne; Sebastien Julien; Gehringer Axel; Cuccia Stefano; Byers David; Wagner Henri; Thomas Anne-Marie; Zijp Petra; van Straaten Matthieu; Cuenca Jose Manuel; Azanza Yolanda; Bushner Daniel; Parry Jonathan |
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| Institution: | Gide Loyrette Nouel, Paris |
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| Abstract: |
Dr Axel Gehringer
Hengeler Mueller
Stefano Cuccia
Head of Market Supervision, TLX, Milan
David Byers
McCann FitzGerald, Solicitors, Dublin
Henri Wagner and Anne-Marie Thomas
Allen & Overy, Luxembourg
Petra Zijp and Matthieu van Straaten
NautaDutilh NV, Amsterdam
José Manuel Cuenca and Yolanda Azanza
Clifford Chance
Daniel Bushner and Jonathan Parry
Ashurst, London The first 150 words of the full text of this article appear below.
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Editor's Note
| In our first issue, we included a comparative review that comparedhow the Prospectus Directive had been implemented in variousEuropean Economic Area (EEA) Member States. That Directive setsout the requirements for initial disclosure, through a prospectus,of the information an investor requires to make its initialinvestment decision, when transferable securities are offeredto the public or admitted to an EEA-regulated market. Some 18months later, we turn to the legislative companion piece—theTransparency Obligations Directive or Directive 2004/109/EC(known familiarly as the ‘TD’ or sometimes, butonly outside Germany, as ‘TOD’—in this articlethe abbreviation ‘TD’ will be used throughout).This is an important Directive that is designed to achieve anumber of objectives. First, it recognizes that markets depend on information. Itis not enough that issuers describe their business and financialposition to the market only when they ask for new money by issuingsecurities. . . . Full Text of this Article]
France
| 1. Introduction 2. Regulated information Regulated information under French law Language of the regulated information Effective and complete distribution 3. Periodic information Reports on financial information Other information 4. Ongoing information Information about major holdings Information for holders of securities
Germany
| 1. Introduction 2. State of origin concept and domestic issuer concept 3. Periodic information requirements General Responsibility and liability for periodic information 4. Ongoing information requirements 5. Summary
Italy
| 1. Introduction: the legal context 2. Key points of implementation in Italy The Italian liability regime for market disclosure 3. Concluding summary
Ireland
| 1. Introduction 2. Competent authority 3. Liability 4. Jurisdictional scope of liability 5. Responsibility 6. Major shareholdings
Luxembourg
| 1. Introduction 2. Periodic information requirements Annual financial statements Half-yearly financial statements Interim management statements and quarterly financial statements Liability 3. Ongoing information requirements Important participations notification Voting rights modification notification Notification and publication procedure Own shares Additional (general) information obligations of issuers of shares 4. Competent authority Notification of the CSSF Additional information and sanctions Third country exemption 5. Language and media 6. Timing 7. Conclusion
The Netherlands
| 1. Introduction 2. Super-equivalent rules 3. Periodical information 4. Liability Issuer Directors 5. Rules on disclosure of major shareholdings 6. Conclusion
Spain
| 1. Introduction 2. Law 6/2007 3. RD 1362 Periodic information Responsibility and liability Content of financial reports Information on major holdings and own shares Notification of the acquisition or disposal of major holdings Acquisition or disposal of a major proportion of voting rights Procedures for notification Own shares General provisions Access to regulated information Languages Other information obligations Remuneration schemes 4. Summary
United Kingdom
| 1. Introduction 2. Periodic financial reporting requirements Super equivalent application Other points to note Periodic financial reporting and non-UK issuers 3. Major shareholding notification regime Super equivalent application Contracts for difference Other points to note Major shareholding notification and non-UK issuers 4. Summary
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