13 Dec. 2004 - CESR published today for consultation, its second set of advice on possible implementing measures covering different aspects of the Transparency Directive (Ref. CESR/04-512c), in particular:
- notification of major holding of voting rights;
- half yearly financial reports;
- equivalence of transparency requirements for third countries issuers;
- the procedural arrangements whereby an issuer may elect its ‘home Member State’ competent authority for the purposes of the Directive.
This second consultation paper complements CESR first consultation paper which was released on 27 October 2004 and which focused on the issue of dissemination of regulated information which will form part of the technical implementing measures of the Transparency Directive. In addition, the first consultation paper set out CESR’s thoughts on how one might develop a single access point for EU investors to obtain financial information on EU issuers (ref CESR/04-511). The consultation on this first paper will close on 28 January 2005.
Through the publication of this second consultation paper, CESR completes the first step in the finalisation of the technical advice that CESR is mandated to deliver by June 2005 to the European Commission so that level 2 implementing measures of the Directive can be completed. The consultation on this second paper will close on 4th March 2005.