Proposal of a Directive modifying the Transparency Directive 2004/109/EC
October 25, 2011
On 25 October 2011, the European Commission published a provisional text of a proposal for a directive to amend the Transparency Directive (2004/109/EC).
The provisional context contains the following amendments:
- the disclosure of major holdings is extended to cash-settled derivatives;
- holdings to be aggregated with holdings of voting rights in order to ascertain whether any notification obligation is triggered;
- the definition of issuer has been broadened to include issuers of non-listed securities represented by depositary receipts which are admitted to trading on a regulated market