The Transparency Directive, Transparency Obligations Directive or Directive 2004/109/EC[1] is an EU Directive issued in 2004, revising an earlier Directive 2001/34/EC.[2] The Transparency Directive was amended in 2013 by the Transparency Directive Amending Directive (Directive 2013/50/EU).[3]
The Transparency Directive improves the harmonisation of information duties of issuers, whose securities are listed at a regulated market at a stock exchange within the European Union, and further market participants. The aims of these amendments are to establish minimum requirements regarding the financial information distribution all over the European Union and an increase in transparency at the capital markets and in investor protection to meet information deficits in a developing financial market environment.[4]
The term Transparency Obligations Directive is used in the UK Companies Act 2006, which implemented the Directive within United Kingdom company law.[5]
^Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC
^Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities
^Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 amending Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, Directive 2003/71/EC of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading and Commission Directive 2007/14/EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC
^Gutzy, Jochen/Märzheuser, Michael (2007): Praxishandbuch Ad-hoc-Publizität, p. 49
^Companies Act 2006, Part 43
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