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The report summarises the responses received on a mapping process conducted on the transposition of the Transparency Directive in EU Member States. Respondents in the call for evidence in 2007 highlighted the lack of a central information source as a major obstacle to the operation of the Directive in practice, especially for internationally active investors and issuers. CESR was asked to gather and publish information on how the directive has been implemented across different jurisdictions.
The implementation of the rules of the TD and especially interpretations relating to those rules have not been finalized in all Member States, CESR notes. Therefore, the information presented may become outdated. In addition, CESR Transparency Group intends to discuss some of the questions in the questionnaire in order to achieve convergence in the application of the TD and the Level 2 Directive.
Individual answers by Member States