Level 2

Hans HOOGERVORST, Chairman of the Dutch AFM


The Transparency Directive was approved by the European Parliament on 30th March 2004 and by the European Council on 11th May 2004 and was formally adopted by the Council in the autumn 2004.

The aim of the Transparency Directive is to provide a Level 1 framework of reporting obligations by companies whose securities are admitted to trading on a regulated market (listed companies). Among the key provisions of the Directive is that investors receive periodic information from listed companies, including annual and interim financial reports whose content is defined in order to meet investor’s needs. The Directive also includes a number of requirements for the disclosure of information about major shareholdings and leads to better dissemination of information on issuers in Member States and across Europe.

A number of provisions of the Directive will need Level 2 implementing measures and CESR will provide technical advice on these possible implementing measures. The Transparency Expert Group was set up in view of the official mandate that CESR received from the European Commission on 29 June 2004.

A Consultative Working Group of market participants was appointed to provide technical advice to the Transparency Expert Group. Market participants are experts drawn from across European Markets. They are not intended to represent national or specific firms’ interest and to replace the important process of full consultation with all market participants.

The mandate to CESR mainly covers the following topics: practical provisions for notifications of shareholdings, dissemination and storage of regulated information, some aspects of periodic financial reporting and the equivalence between third-country reporting regulations and the Transparency Directive requirements (except for equivalence of accounting standards).

17 Oct. 2008
Summary of responses to Questionnaire on Transposition of the Transparency Directive
17 Oct. 2008
Questionnaire - Transposition of the Transparency Directive
[08-514b annex 1]
17 Oct. 2008
Individual answers from CESR Members
[08-514b annex 2]
21 Feb. 2008
Feedback statement - Call for evidence on the possible CESR level 3 work on the Transparency Directive
13 Jul. 2007
Call for evidence - Possible CESR Level 3 work on the Transparency Directive