The Transparency Directive
Produced in partnership with Mr Darragh Connell of Forum Chambers

The following Corporate practice note produced in partnership with Mr Darragh Connell of Forum Chambers provides comprehensive and up to date legal information covering:

  • The Transparency Directive
  • History and implementation
  • Implementation in the UK
  • Extent of liability
  • Key provisions
  • Notable amendments
  • Prospectus Directive Amending Directive 2010/73/EU (PDAD)
  • Transparency Directive Amending Directive 2013/50/EU (TDAD)
  • UK implementation of TDAD
  • European Securities and Market Authority
  • More...

The Transparency Directive

This Practice Note provides an overview of the implementation of and key changes introduced by the EU Transparency Directive and EU Transparency Directive Amending Directive in the UK. It states the law as at February 2019 and has not being updated for the UK’s withdrawal from the EU.

This Practice Note provides a brief overview of the Directive 2004/109/EC of the European Parliament of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (Transparency Directive), its history, content and implementation in the UK.

History and implementation

The Transparency Directive arose as part of a broader project initiated by the European Commission known as the Financial Services Action Plan (FSAP). The FSAP aimed to establish the legislative framework for developing a single market for financial services in the EU.

The Transparency Directive provided for the harmonisation of transparency requirements across the EU with the aims of:

  1. safeguarding investor confidence, and

  2. enhancing the operation of efficient pan-European capital markets

It achieves these aims by creating a framework for companies across Europe to adopt minimum standards in respect of the disclosure of accurate, comprehensive and timely information to the public replacing the practice of each member state operating divergent disclosure regimes both in terms of the amount of information to

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