Transparency Directive

Directive 2004/109/EC of the European Parliament and of the Council on minimum transparency requirements for listed companies was formally adopted on 15 December 2004. (See Press Release)

The aim of the Directive is to upgrade the information available to investors, thus helping them to allocate their funds on the basis of a more informed assessment. It seeks to ensure that investors receive interim management statements from those share issuers who do not publish quarterly reports, and half yearly financial reports from issuers of new bonds. In addition, all securities issuers will have to provide annual financial reports within four months after the end of the financial year. The Directive is also expected to improve dissemination of information on issuers.

The Directive completes a package of Financial Services Action Plan measures adopted over the last two years (the IAS Regulation, the Market Abuse Directive, the Prospectus Directive) to establish a common financial disclosure regime across the EU for issuers of listed securities. It is due to be implemented not later than 20 January 2007.

Michael Ahern TD, Minister of State at the Department of Enterprise, Trade and Employment, in exercise of the powers conferred on him by section 20 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006 (No. 41 of 2006) and the Enterprise, Trade and Employment (Delegation of Ministerial Functions) Order 2007 (S.I. No. 51 of 2007), has made Regulations entitled as above. The Regulations along with Part 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006 give effect to Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004.

S.I. No. 277 of 2007 Transparency (Directive 2004/109/EC) Regulations 2007

Mr Micheál Martin, Minister for Enterprise, Trade and Employment, in exercise of the powers conferred on him by Section 3 of the European Communities Act 1972 (No. 22 of 1972) has made Regulations entitled as above. The Regulations effectively replace the European Communities (Stock Exchange) Regulatons1984 (S.I. 282 of 1984), as amended over the years, including amendments arising on foot of the implementation into Irish law of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market. (S.I. No. 277 of 2007). These Regulations also repeal Sections 89 to 96 of the Companies Act 1990 as a consequence of Article 32(5) of Directive 2004/109/EC.

S.I. No. 286 of 2007 European Communities (Admissions to Listings and Miscellaneous Provisions) regulations 2007