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ARTICLE · 29 DECEMBER 2011

Proposed Modernisation Of Transparency Directive

De Brauw Blackstone Westbroek
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The European Commission has published proposals for amendment of the Transparency Directive.

European UnionInternational Law
Martijn Snoep
Martijn Snoep
Kees Peijster
Kees Peijster
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The European Commission has published proposals for amendment of the Transparency Directive. The main changes are:

  • The requirement to publish quarterly financial reports will be abolished for all listed companies. This should lead to cost-savings and discourage short-termism on financial markets.
  • Investors will have to notify all financial instruments of similar economic effect as holdings of shares. This should prevent them from secretly building a controlling stake in a listed company ("hidden ownership"). According to the Commission, such practices can give rise to market abuse, low levels of investor confidence and misalignment of investor intentions.
  • A system of country-by-country reporting (CBCR) will be introduced to increase transparency of payments (taxes, royalties and bonuses) made by oil, gas, mining and logging industries to their host governments worldwide. The current system is based on a single set of information at a global level and does not

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