The European Commission has presented a proposal for the
Directive, which would introduce a mix of detailed half-yearly
financial reports and what Internal Market Commissioner Frits
Bolkestein yesterday described as "light, but reliable, quarterly
financial information." He adds that, "compared to current practice
in the US we have opted for less demanding publication
periods".
The proposal aims to enhance investor protection, attract
investors to the European market place and improve the efficiency,
openness and integrity of European capital markets.
It would also remove certain national barriers linked to
transparency requirements, which may discourage issuers from having
their securities admitted to trading on more than one regulated
market in the EU.
The proposed Directive will apply to all companies whose
securities are admitted to trading on a regulated market in the EU.
It will be submitted to the European Parliament and the EU's
Council of Ministers for adoption under the so-called "co-decision"
procedure.
The full text of the proposal and other documents are available
on
this page of the Commission's web site.
