On 19 May 2009, the Committee of European Securities Regulators (CESR) published responses to frequently asked questions (FAQs) on the Transparency Directive (2004/109/EC). The Transparency Directive (2004/109/EC), which came into force on 20 January 2005, deals with financial reporting requirements, disclosure of interests in securities and communications with holders of shares and debt securities and the market. The key issues covered by CESR include:

  • additional information in annual and half-yearly financial reports.
  • calculation of notification thresholds for the acquisition and disposal of major holdings.
  • clarification on article 13 of the Transparency Directive.
  • public disclosure of regulated information under article 21 of the Transparency Directive.

CESR plans to update these FAQs regularly.