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ESMA’s role in the supervision of transparency requirements
The European Securities and Markets Authority (ESMA) has a key role in developing a single rulebook and increasing supervisory convergence in the area of transparency, from corporate reporting to the disclosure of major shareholdings. During the first three years of its existence, ESMA has been focusing on setting up an Authority with direct supervisory powers and drafting technical standards and guidelines as part of the commitment to achieve a single rulebook. As for the future, ESMA will strengthen its efforts aimed at further improving supervisory convergence.
1. Introduction
The Transparency Directive (or TD, 2004/109/EC) requires issuers of securities admitted to trading on regulated markets within the EU to ensure appropriate transparency for investors through a regular flow of information by disclosing periodic and on-going regulated information and by disseminating such information to the public throughout the European Union (EU). Regulated information consists of financial reports, information on major holdings of voting rights and information disclosed according to the Market Abuse Directive (2003/6/EC). ESMA has a key role in contributing to the development of a single ru...