Directive 2004/109/EC of the European Parliament and of the Council 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.

ARCHIVED: This Practice Note has been archived and is not maintained. Last updated March 2021 Tracker overview This Transparency Directive tracker presents recent legislative and regulatory developments in relation to the TD along with relevant background documents and subsequent amending and implementing legislation from 2001 to the present day. The tracker also covers Q&As, recommendations and technical advice issued by ESMA (which succeeded CESR). A list of abbreviations to the tracker can be found here. This Practice Note is split into the following sections: • Key documents and abbreviations • Recent and future developments (2015 onwards) • Review and further implementation of the TD (2010–2014) • Implementation of the TD (2004–2010) • Development of the TD (2001–2004) The TDAD (as adopted), which amended the TD (as adopted), had an implementation deadline of 26 November 2015. For further information, see Recent and future developments (2015 onwards) below. Key documents and abbreviations The following are key documents relating to the TD: Consolidated version of the TD and related legislation • The TD (consolidated version) (amended by the TDAD).

A non-governmental organisation based in Berlin aimed at reducing international and national bribery and corruption.

Transparency International UK has published an analysis titled, 'Behind the Masks: Corruption red flags in COVID-19 public procurement', analysing public procurement and contracts issued during the coronavirus (COVID-19) pandemic. Transparency International has identified 135 high-risk contracts with three or more corruption red flags, totalling £15.3bn. Transparency International has proposed that those charged with protecting the purse, including the proposed COVID-19 Corruption Commissioner, should investigate these high-risk contracts identified in the report, as well as proposing that the UK government changes how it does procurement and strengthens its institutional safeguards against impropriety.

Transparency International (TI) has published a report entitled ‘Together in electric schemes—Analysing money laundering risk in e-payments’. The report explores the high money laundering risks associated with electronic money institutions (EMIs) which operate in the UK and calls for more proactive supervision of their activities by the Financial Conduct Authority (FCA). The report calls on the FCA to conduct a new thematic risk review of the sector and extend the Senior Managers and Certification Regime (SM&CR) to the EMI industry. The report warns ignoring the money laundering risks could lead to abuse of EMIs ‘on an industrial scale’.

Rules set out in the FCA’s DTRs to implement the Transparency Directive and to ensure there is adequate transparency of and access to information in the UK financial markets.

The Transparency and Open Justice Board is seeking responses to its proposed key objectives, published on 6 December 2004. Created in April 2024, the Board will lead and coordinate the promotion of transparency and open justice across all courts and tribunals. Responses are sought by 28 February 2025, and stakeholders are invited to provide feedback on the high-level objectives that will guide the Board's work in focussing on timely access to listings, documents and public hearings. These objectives will serve as benchmarks for identifying necessary changes and evaluating the Board's effectiveness in modernising the justice system's transparency measures.

The Transparency and Open Justice Board has published its finalised Key Objectives in July 2025, following a consultation process initiated in December 2024. These objectives were approved at the Board’s meeting and the Board has concurrently issued its formal response to the engagement received. The next phase will involve all Courts and Tribunals evaluating their current practices against these objectives. Where practices fall short, institutions will be required to develop change programmes aimed at achieving compliance.

EU Law analysis: Anna Sophia Oberschelp de Meneses, Counsel, Daniel Cooper, Partner, Kristof Van Quathem, Of Counsel and Sam Jungyun Choi, associate of Covington & Burling LLP discuss the transparency and disclosure obligations for AI chatbots in consumer interactions following the European Commission’s Digital Fairness Act Fitness Check which identified the lack of EU consumers’ right to demand human contact when interacting with AI chatbots in business-to-consumer settings.

In addition to the Precedents listed in this Transparency and privacy policies and notices sub-topic, the following Precedents are also

ARCHIVED: This Practice Note has been archived and is not maintained. This practical guidance relates to the pre-Procurement Act 2023 regime This Practice Note contains guidance relevant to public procurement exercises commenced before the Procurement Act 2023 (PA 2023) came into force on 24 February 2025. In-scope procurements begun on or after this date are governed by PA 2023. Under the transitional and savings provisions for PA 2023, the previous public procurement regimes continue to apply to the extent necessary to allow contracting authorities to complete and manage procurements commenced before PA 2023 came into force. This Practice Note should be read in that context. For background reading, see Practice Note: Introduction to the Procurement Act 2023—PA 2023. Further practical guidance on PA 2023 is set out in a separate subtopic, see: Procurement Act 2023—overview. This includes the following Practice Note: Public procurement objectives—PA 2023—Transparency and proportionality. Transparency and disclosure under the Public Contracts Regulations 2015 There are a number of aspects to transparency in public procurement. This

This Practice Note considers when information can be communicated from proceedings where the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, Pt 12 (Proceedings relating to children except parental order proceedings and proceedings for applications in adoption, placement and related proceedings) or FPR 2010, SI 2010/2955, Pt 14 (Procedure for applications in adoption, placement and related proceedings) apply, following the move towards increased transparency in the family courts. FPR 2010, PD 12R (the court giving permission to communicate information from proceedings to which FPR 2010, SI 2010/2955, Pt 12 applies) and FPR 2010, PD 14G (the court giving permission to communicate information from certain proceedings to which FPR 2010, SI 2010/2955, Pt 14 applies) are set out. The Family Procedure (Amendment No 2) Rules 2024, SI 2024/1322 (SI 2024/1322) amended FPR 2010 inserting rules to enable Practice Directions to make provision about the court giving permission to communicate information from proceedings. The Practice Directions set out when the court should consider making orders detailing what information may be disclosed from proceedings