Commission consultation on implementing measures for 'Transparency Directive'

10 November 2005

The Commission published a working document on possible implementing measures for the Transparency Directive. This working document has been drawn up following technical advice given to the Commission by the Committee of European Securities Regulators (CESR). It also contains a draft recommendation for a standard form for the notification and disclosure of acquisition or disposal of major holdings of voting rights.

As the Commission notes the working document does not have the status of a Commission official draft for implementing measures and is without prejudice to any final decisions that might be taken by the Commission in this area. Since this working document is not a formal Commission proposal, the period for the European Securities Committee to vote on the possible implementing measures contained in part I of the working document, and for the European Parliament to consider them, is not triggered at this stage.

Deadline for comments is 8 January 2006.

Invitation for comments
Working document

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