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What is the EU Transparency Directive?

  1. The EU Transparency Directive (Directive 2004/109/EC) (‘the Directive’) harmonises the information requirements applying to entities whose securities have been admitted to trading on a regulated market situated, or operating, in the EU. Specifically, the EU Transparency Directive seeks to enhance transparency in EU capital markets through a common framework which requires:
  2. the production of periodic financial reports;
  3. shareholders to disclose major shareholdings;
  4. the dissemination of regulated information; and
  5. the provision of central mechanisms for sharing regulated information.


The EU Transparency Directive came into effect in Ireland from 13 June 2007. The EU Transparency Directive has been transposed into national law through a combination of:

  1. primary legislation (sections 1379 to 1384 of the Companies Act 2014); and
  2. secondary legislation (Transparency (Directive 2004/109/EC) Regulations 2007  (S.I. 277 /2007) as amended by:
    1. Transparency (Directive 2004/109/EC) (Amendment) Regulations 2010 (S.I. 102/2010);
    2. Transparency (Directive 2004/109/EC) (Amendment) Regulations 2012 (S.I. 238/2012);
    3. Transparency (Directive 2004/109/EC) (Amendment) (No. 2) Regulations 2012 (S.I. 316/2012);
    4. Transparency (Directive 2004/109/EC) (Amendment) Regulations 2015 (S.I. 44/2015);
    5. Transparency (Directive 2004/109/EC) (Amendment) (No. 2) Regulations 2015 (S.I. 541/2015);
    6. Companies (Accounting) Act 2017 (No. 9 of 2017); and
    7. Transparency (Directive 2004/109/EC) Amendment Regulations 2017 (S.I. No.336 of 2017).