Memo: Statement by Commissioner Michel Barnier welcoming the agreement reached on the revision of the Transparency Directive

On 25 October 2011 the European Commission adopted a legislative proposal on the existing Directive on transparency requirements for listed companies. This Directive requires issuers of securities traded on regulated markets within the EU to ensure appropriate transparency through a regular flow of information to the markets.

The Commission proposed to revise this Directive since some of the transparency requirements risked creating considerable administrative burdens. The requirement to publish quarterly financial information contributes, in particular for small and medium-sized issuers, to high compliance costs linked to listing on the regulated markets. This requirement is also perceived as a regulatory incentive encouraging the culture of short-termism on financial markets.

In a statement, Commissioner Michel Barnier welcomed the agreement reached on the revision of the Transparency Directive, congratulating the European Parliament, in particular the rapporteurs Arlene McCarthy and Klaus-Heiner Lehne, and the Council, in particular the Irish, Cypriot and Danish Presidencies on reaching this agreement.

ESO: Background Information: More responsible businesses can foster more growth in Europe http://www.europeansources.info/record/press-release-more-responsible-businesses-can-foster-more-growth-in-europe/

ESO: Background information: Council confirms agreement with EP on transparency requirements for issuers of securities http://www.europeansources.info/record/press-release-council-confirms-agreement-with-ep-on-transparency-requirements-for-issuers-of-securities/

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