European Securities and Markets Authority (ESMA) publishes documentation to aid the implementation of the amended Transparency Directive.

The Transparency Directive creates a common basis for disclosure and dissemination of regulated information to the markets. The Transparency Directive will enter into force on 26 November 2015.

The available documents provided by ESMA are: -

  • updated Q&A on the Transparency Directive which 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; -
  • new standard “Home Member State Disclosure Form” (not mandated by the Transparency Directive but recommended by securities regulators); -
  • new standard form for the notification of major holdings to competent authorities and issuers (not mandated by the Transparency Directive but recommended by securities regulators); and
  • a re-publication of the indicative list of financial instruments subject to notification requirements as a stand-alone document.

ESMA’s publication can be found here.