UK:
UK Government And Regulator Issue Joint Consultation On Transparency Amending Directive
15 April 2015
Shearman & Sterling LLP
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On March 20, 2015, HM Treasury and the FCA issued a joint
consultation on the Implementation of the Transparency Amending
Directive that entered into force on November 26, 2013 and which
amends the Transparency Directive, the Transparency Directive
Implementing Directive and the Prospectus Directive. The directives
aim to harmonize the information disclosure requirements of
companies, and the consultation sets out the proposed amendments to
be implemented by HM Treasury to the Financial Services and Markets
Act and by the FCA to the FCA's Disclosure and Transparency
Rules, including: (i) the extension of the deadline to publish
half-yearly reports and the period of time for which financial
reports are publicly available; and (ii) changes to the definition
of an issuer. The Transparency Amending Directive must be
implemented by EU Member States before November 26, 2015. Comments
on the consultation may be submitted until May 20, 2015.
The consultation paper is available at: http://www.fca.org.uk/static/documents/consultation-papers/cp15-11.pdf.
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