30 June 2005

CESR final advice on Transparency Directive

CESR published its final advice on possible implementing measures of the Transparency Directive covering the five aspects of dissemination of regulated information, notification of major holdings of voting rights, half yearly financial reports, equivalence of transparency requirements for third countries issuers, and - the procedural arrangements whereby an issuer may elect its ‘home Member State’ competent authority for the purposes of the Directive.

CESR advice now proposes among others a single set of minimum standards that issuers should meet when disclosing regulated information. CESR has chosen to remain neutral regarding which type of media should be used to publish regulated information. CESR also recommends that issuers be free to choose to disseminate all regulated information themselves, or to use a third party such as a service provider to carry out this function.

CESR proposes implementing measures in relation to the definition of the minimum content of half-yearly financial statements not prepared in accordance with IAS/IFRS. In this context, CESR proposes that the minimum content should be defined by reference to the principles of IAS 34 on Interim Financial Information. The definition of related party transactions that is given in IAS 24 should apply both when an issuer prepares consolidated accounts and when he does not.

With regard to the equivalence of third countries’ requirements CESR’s proposed approach is to test equivalence by looking first at the key principles and objectives of the different disclosure requirements of the Directive, and then to establish what a third country’s framework has to include in order to be deemed to be equivalent.

Press release
Feedback statement
Final advice

© CESR - Committee of European Securities Regulators