EUROPE: ESMA publishes Work Programme for 2015, including Transparency Directive measures

Wednesday February 25 2015

The European Securities and Markets Authority has published a document setting out its Work Programme for 2015.

Among others, in 2015 ESMA intends to focus on the Transparency Directive, where ESMA aims to facilitate a higher degree of exchange of experience, address issues of practical non-convergence and where possible address issues arising from the transposition of the directive and technical standards. In particular this includes reviewing and amending the Q&As published in 2012 in order to consider the amendments introduced into the Transparency Directive in relation to information included in annual reports, major shareholdings, etc. This is expected in Q3 2015.

Note that the launch of an IT project implementing Articles 21 and 22 of the Transparency Directive on storage and dissemination of regulated information have been postponed to 2016.

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