On the 12 June 2013, the European Parliament passed a resolution adopting, with amendments the Commission's proposal for a Directive to amend the Transparency Directive (204/109/EC). The Parliament's amendments to the Proposal include:

  • clarifying the circumstances in which Member States can require the publication of periodic financial information on a more frequent basis than annual financial reports and half yearly financial reports;
  • amendments to a Member State's ability to impose stricter or additional requirements in connection with notification thresholds, aggregation of holdings of voting rights and exemptions to the notification requirements;
  • the process for calculating voting rights in relation to financial instruments with similar economic effect to holding shares and entitlements to acquire shares which provide for cash settlement;
  • amendments to the definition of home Member State aimed at ensuring all issuers are supervised by a competent authority of a Member State.

The adopted text of the Proposed Directive will now be sent to the Council for approval.