Brussels, 30/05/2013 (Agence Europe) - Member states' representatives to the EU endorsed on Wednesday 29 May 2013 the agreement reached a fortnight ago by the Irish Presidency of the EU Council of Ministers and the European Parliament on revision of the transparency directive (2004/109).
The updated directive allows companies quoted on the stock exchange, particularly small companies , to no longer have to produce quarterly financial reports. The new measures will help cut administrative costs and reduce short-termism in the financial markets, explained EU Internal Market Commissioner Michel Barnier in a press release. Barnier said the new directive would also prevent investors from taking a secret stake in a company such that they can control the capital of an enterprise quoted on the stock exchange, because they will be required from now on to give details of any financial tool that has an effect on the economy similar to the ownership of shares. In the event of infringement of the rules, the Council of Ministers says that dissuasive fines will be made, based on common minimum standards.
The new directive stipulates that the publication requirements introduced for extractive and forestry industries, which have been agreed to in the updated accounting directives (see EUROPE 10824), shall apply to all quoted European companies active in forestry and mining. (MB/transl.fl)