European Issuers’ comments on the Commission’s Consultation Paper on the Review of the Transparency Directive

30 August 2010

EuropeanIssuers stresses that both issuers and investors should have the choice between different markets with differing regulatory intensity.

EuropeanIssuers welcomes the review and states that:

- there should be a distinction made between securities law, IFRS and company law concerning the annual report;
- a more holistic review of the burdens on small and mid-caps is needed;
- both issuers and investors should have the choice between different markets with differing regulatory intensity;
- the disclosure of holdings of cash-settled derivatives can be beneficial to the market;
- better disclosure of stock lending and hedging techniques would be helpful in preventing empty voting practices;
- investors should disclose their actual voting policies;
- is in favour of more uniform EU rules regarding the notification of major holdings of voting rights but not regarding issuers’ disclosures; and
- an EU requirement for shareholder identification would ensure greater transparency.

Full position paper