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The European Commission has adopted implementing measures for the Transparency Directive1 on disclosures by companies listed on a regulated market. The measures stem from the implementing directive of 8 March 2007,2 due to be transposed by Member States by 8 March 2008 at the latest.
The directive deals mainly with standards for assessing whether the disclosure requirements imposed by a State not party to the European Economic Area are equivalent to those in the Transparency Directive, and for allowing issuers having their registered office in that State to be exempt from the directive's provisions. The directive also deals with rules for the notification of major holdings. The draft General Regulation put out for public consultation transposes the directive's provisions at the regulatory level; the legislative provisions will be transposed by an amendment to the Commercial Code or the Monetary and Financial Code.
The European Commission has also issued a standard form for notifying major shareholdings, which regulators are required to make available to investors. Since regulators have also been asked to submit their observations on the form by June 2008, it has been appended to the General Regulation.
Responses to the consultation must be sent by 15 October 2007 at the latest to contact@amf-france.org.
This consultation can be downloaded (soon translated into English) from the AMF website www.amf-france. orgConsultations>AMF Consultations>Draft AMF General Regulation.
