Brussels, 12/03/2007 (Agence Europe) - Last week, the Commission adopted directive 2007/14/EC, which clarifies certain provisions of directive 2004/109/EC on the harmonisation of transparency obligations concerning financial information published by companies which are quoted on the stock exchange. This adoption comes in the wake of a positive vote by the Committee of European Securities Regulators (CESR) and the support expressed for the text by the European Parliament last October (see EUROPE 9295). The cut-off date for the transposition of the “Transparency” directive was no later than 20 January 2007, and that of directive 2007/14/EC is 9 March 2008.
The execution measures add to the “Transparency” directive in the following areas: the publication of financial information in the half-yearly reports of companies quoted on the stock exchange, the timetable for quotation days, obligatory notification of important participations, minimum standards for the EU-scale distribution of regulated financial information and the minimum requirements for equivalency for regulations issued by third countries for certain aspects of the directive.
Charlie McCreevy, the European commissioner for the internal market, wrote to the CESR in early March to ask the European Committee to help him in the distribution, and use by the market, of two standard forms which are provided for under European legislation. The first form will allow investors to notify companies which issue financial bonds and the competent authorities of voting rights which they hold over the thresholds provided for under the “Transparency” directive. The second will allow a market maker to inform the competent authority of his or her wish to be exempted from certain provisions of directive 2007/14/EC. Both of these forms will be tested on the market over a period up to 30 June 2008. (mb)