The European Commission has launched a review of the Transparency Obligations Directive, which creates European standards for corporate reporting, investor disclosures and news dissemination and storage. At a meeting in Brussels, attended by global3digital, the Commission highlighted the key areas for consideration over coming months.
First, the Commission would like to see a single European storage mechanism for regulated information. Currently, these are established at national level.
Second, the Commission clearly believes that smaller listed companies are the key engine of economic growth for the EU, and that the current burdens of reporting are putting off many would-be listings. They are considering therefore removing quarterly interim management statements from smaller companies’ lists of compliance documents, and lengthening their filing deadlines for other materials.
Lastly, disclosures of major holdings by investors would be extended to a lower threshold (possibly 3%) and to derivatives, providing greater insight into who owns – or can influence – voting rights in shares.
global3digital will of course continue to monitor the situation, and report back to you.
