ESMA has updated its Q&A document on the Transparency Directive (TD) in advance of the amended TD coming into force on 26 November 2015. The Q&A addresses new and existing TD requirements and terminology, and provides clarification on the definition of a home Member State, the division of responsibilities between home and host Member States, the disclosure and dissemination of regulated information and the aggregation rule for the calculation of notification thresholds of voting rights. In total, 7 new Q&As have been added, 4 revised and 10 deleted. To see the revised Q&A, click here.

In addition, ESMA has published two new standard forms for:

  • issuers to disclose their home Member State (click hereto view it) – the new form is intended to reduce the administrative burden for issuers by simplifying different types of disclosure forms into one single document, and
  • shareholders to notify major holdings of voting rights to competent authorities and issuers as required under the TD (click here to view it) – to the extent needed, no changes have yet been made to the FCA form TR1.

Use of these forms is not mandated by the TD, but is recommended by securities regulators.