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ARTICLE · 11 MARCH 2008

Implementation Of The Transparency Directive – Closed Ended Funds

Dillon Eustace
Dillon Eustace
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The Transparancy Directive seeks to enhance transparency in EU capital markets in order to improve investor protection and market efficiency.

IrelandFinance and Banking
Tara O'Callaghan
Tara O'Callaghan
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The Transparency Directive (2004/109/EC) (the "TD") was implemented into Irish law on 13th June 2007 by the Transparency (Directive 2004/109/EC) Regulations 2007 (the "Regulations") and has effect from this date. The TD seeks to enhance transparency in EU capital markets in order to improve investor protection and market efficiency. The Regulations establish disclosure requirements on an ongoing basis for issuers with securities admitted to trading on a regulated market situated or operating within the EU.

The purpose of this memorandum is to provide an overview of the Directive, the Regulations and their scope, and to highlight their impact on the continuing obligations of listed closed ended funds. For the avoidance of doubt, collective investment undertakings of the open-end type are outside the scope of the TD.

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