Commission adopts supplementary measures on company transparency
The European Commission has adopted measures supplementing the EU legal framework established by the Transparency Directive. The European Commission’s implementing measures supplement the Transparency Directive with regard to:
- Issuers' disclosure of financial information in half-yearly reports.
- Investors' disclosure of major holdings.
- Minimum standards for the pan-European dissemination of regulated information to the public.
- Minimum requirements for accepting equivalence of third-country regulations in respect of some elements of the Transparency Directive.
Member States were due to write the Transparency Directive into their national laws by 20 January 2007 and the implementing measures a year later.
The Commission has also launched an open consultation on the design of a possible network of national mechanisms to store regulated financial information which was envisaged by the Transparency Directive.
The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment) Regulations 2007
YOn the website of the Office of Public Sector Information there has been published The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment) Regulations 2007 together with an Explanatory Memo.
The statutory instrument amends the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007, the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 and the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006. These amendments arise as part of giving effect in the UK to the Markets in Financial Instruments Directive.
The FSA has issued Final Notices to cancel the permission granted to carry on regulated activities: