EMAC vote on Transparency Requirements

17 February 2004

The Economic and Monetary Affairs Committee voted on the transparency requirements directive, rejecting a clause providing for mandatory quarterly reporting by share-trading companies (Art. 6). Before the vote, the Commission warned that a rejection of Article 6 or the proposed Council compromise would mean a second reading, as the Council had already gone as far as it could. The Commission representative also wished it to be placed on record that the 10 new Member States already require quarterly reporting.

EMAC also voted for annual reports also to include information on remuneration and benefits granted to members of the management and supervisory bodies, senior management and key personnel.

Regarding the media used for dissemination of regulated information, one amendment allows Member States to require publication in a newspaper. The Committee also wants an exemption for small issuers with regard to the Commission proposal to extend the obligation of half-yearly reporting for issuers of 'only debt securities'.

Except on quarterly reporting, where the Council has proposed an 'interim management statement', there is already agreement between Parliament and Council. Before the vote in plenary in March, MEPs will try to reach an agreement with Council in order to finish the procedure at first reading.

Full report to be voted in Parliament

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