The European Securities and Markets Authority (ESMA) has published four documents in preparation of the coming into force of the amended Transparency Directive (TD):

  • an updated Q&A document which addresses new and existing TD requirements and terminology and provides clarification on the definition of a home Member State, the division of responsibilities between home and host Member States, the disclosure and dissemination of regulated information and the aggregation rule for the calculation of notification thresholds of voting rights;
  • a new standard form for issuers to disclose who their home Member State is. The amended TD requires issuers whose securities are admitted to trading on an EU regulated market to disclose their home Member State to: their home Member State competent authority, all host Member State competent authorities, and to the competent authority of the Member State where the issuer has its registered office;
  • a new standard form for shareholders to notify major holdings of voting rights to competent authorities and issuers; and
  • a re-published indicative list of financial instruments subject to notification requirements.

The amended TD enters into force on 26 November 2015.

View ESMA prepares for entering into force of amended Transparency Directive, 23 October 2015