The Transparency Directive (TD), which creates a common basis for disclosure and dissemination of regulated information to the EU markets, was amended in 2013 and comes into force on 26 November 2015.
The European Securities and Markets Authority has published four documents relating to the amended TD to promote implementation and contribute to a harmonised EU application.
- ESMA has updated the Q&A document on the TD to bring it up-to-date ready for the amended TD entering into force;
- ESMA has issued a new standard “Home Member State disclosure form” for issuers to disclose who their home Member State is. The new standard form should reduce the administrative burden for issuers by simplifying different types of disclosure forms into one single document and ensure that all national authorities receive a consistent set of information. The use of this form is not compulsory but is recommended by securities regulators.
- ESMA has issued a new standard form for shareholders to notify major holdings of voting rights to competent authorities and issuers as required under the TD. Again, the use of this standard form is not compulsory but is recommended by securities regulators as it will offer comparable information on major holdings and simplify the notification process.
- ESMA has re-published the indicative list of financial instruments subject to notification requirements as a stand-alone document for ease of reference.