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Minister for Trade & Commerce announces introduction of EU Transparency Directive Regulations

Thursday, 14th June, 2007: The Minister for Trade & Commerce, Mr. Michael Ahern, T.D., has announced that he has signed into law new Regulations (Statutory Instrument 277 of 2007) implementing the EU Transparency Directive and related Regulations entitled European Communities (Admission of Listing and Miscellaneous Provisions) regulations, which take effect from 13th June, 2007

The Transparency Directive is designed to enhance transparency on EU capital markets by requiring issuers admitted to trading on a regulated market to produce periodic financial reports (annual and half yearly) along with quarterly management statements and shareholders in such companies to disclose major holdings when acquisitions or disposals cause these to reach or breach certain thresholds. The Transparency Directive also deals with the mechanisms through which this information is to be disseminated to the public and stored.

IAASA has been designated by Minister Ahern as competent authority for the purpose of Article 24(4)(h) of the Directive, i.e. the supervision and enforcement of certain elements of the Directive, viz, ensuring that the Directive’s periodic financial reporting requirements (annual and half yearly reports) are complied with.