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What is the scope of the EU Transparency Directive?

The EU Transparency Directive applies to issuers whose securities have been admitted to trading on a regulated market situated, or operating, within the EU.

Securities include shares, bonds and other forms of securitised debt, derivative securities and units issued by closed-end investment funds.
However, pursuant to Regulation 2 of the Transparency (Directive 2004/109/EC) Regulations 2007 (S.I.277/2007) (as amended), the scope of the Regulations does not extend to open-ended investment funds. Open-ended investment funds are funds which provide redemption facilities to unit holders. Closed-ended investment funds are fixed life funds and generally do not allow redemptions until fund liquidation.
Similarly, securities listed on the Euronext Growth Market of Euronext Dublin are exempt from the requirements of the EU Transparency Directive as the ESM is not authorised as a regulated market under Part 6 of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60/2007) ( the MiFID Regulations).