The Commission has adopted measures supplementing the EU legal framework established by the Directive on transparency obligations of listed companies. The implementing measures supplement the Transparency Directive with regard to:
issuers' disclosure of financial information in half-yearly reports;
investors' disclosure of major holdings;
minimum standards for the pan-European dissemination of regulated information to the public; and
minimum requirements for accepting equivalence of third-country regulations in respect of some elements of the Directive.
Member States are due to write the Transparency Directive into their national laws by 20 January 2007, and the implementing measures a year later. In addition, the Commission has launched an open consultation on the design of a possible network of national mechanisms to store regulated financial information, as envisaged by the Transparency Directive.
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