Wednesday, July 20, 2011

New Posts by Pegasus Corporate Governance are to be in Additional Languages

Pegasus Corporate Governance is pleased to announce that this Blog will begin to contain Posts which have been translated by "Google Translate" into Additional Languages. The intention at this stage is to publish Posts in the 23 Official Languages of the European Union (that is, English, plus 22 other languages), and in Icelandic and Norwegian (which languages are sometimes also used by the European Union), and in 3 other "World Languages", namely Chinese, Japanese and Russian.


The "official text" of this Blog will remain as the English text, but, hopefully, publication in these additional languages will improve accessibility for readers of this Blog.


A full list of the languages to be used appears below:


Bulgarian (BG)
Czech (CS)
Danish (DA)
Dutch (NL)
English (EN)
Estonian (ET)
Finnish (FI)
French (FR)
German (DE)
Greek (EL)
Hungarian (HU)
Irish (GA)
Italian (IT)
Latvian (LV)
Lithuanian (LT)
Maltese (MT)
Polish (PL)
Portuguese (PT)
Romanian (RO)
Slovak (SK)
Slovenian (SL)
Spanish (ES)
Swedish (SV)


Icelandic (IS)
Norwegian (NO)


Chinese (ZH)
Japanese (JP)
Russian (RU)

London: 20/07/2011, 10.10 UK Time

Tuesday, January 04, 2011

Transparency Directive Changes on 4 January 2011

This Post sets out a simple list of changes made on 4 January 2011 to the Transparency Directive (Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC) by Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 (Article 7 of which introduced provisions relating to the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council, and which Directive is referred to in this Post as "the ESA Directive"):

Transparency Directive Article 2 (Definitions) has been amended by Article 7(1) of the ESA Directive.

Transparency Directive Article 5 (Half-yearly financial reports) has been amended by Article 7(2) of the ESA Directive.

Transparency Directive Article 9 (Notification of the acquisition or disposal of major holdings) has been amended by Article 7(3) of the ESA Directive.

Transparency Directive Article 12 (Procedures on the notification and disclosure of major holdings) has been amended by Article 7(4) of the ESA Directive.

Transparency Directive Article 13 (Further application of Article 9 notification requirements) has been amended by Article 7(5) of the ESA Directive.

Transparency Directive Article 14 (Acquisition or disposal of own shares by issuer) has been amended by Article 7(6) of the ESA Directive.

Transparency Directive Article 17 (Information requirements for issuers whose shares are admitted to trading on a regulated market) has been amended by Article 7(7) of the ESA Directive.

Transparency Directive Article 18 (Information requirements for issuers whose debt securities are admitted to trading on a regulated market) has been amended by Article 7(8) of the ESA Directive.


Transparency Directive Article 19 (Home Member State control) has been amended by Article 7(9) of the ESA Directive.

Transparency Directive Article 21 (Access to regulated information) has been amended by Article 7(10) of the ESA Directive.

Transparency Directive Article 22 (Guidelines) has been amended by Article 7(11) of the ESA Directive.

Transparency Directive Article 23 (Third countries) has been amended by Article 7(12) of the ESA Directive.

Transparency Directive Article 24 (Competent authorities and their powers) has been amended by Article 7(13) of the ESA Directive.

Transparency Directive Article 25 (Professional secrecy and cooperation between Member States) has been amended by Article 7(14) of the ESA Directive.

Transparency Directive Article 26 (Precautionary measures) has been replaced by Article 7(15) of the ESA Directive.

Transparency Directive Chapter VI has been given a replacement title ("DELEGATED ACTS AND IMPLEMENTING MEASURES") by Article 7(16) of the ESA Directive.

Transparency Directive Article 27 (Committee procedure) has been amended by Article 7(17) of the ESA Directive.

Transparency Directive Article 27a (Revocation of the delegation) has been inserted by Article 7(18) of the ESA Directive.


Transparency Directive Article 27b (Objections to delegated acts) has been inserted by Article 7(18) of the ESA Directive.


Article 13(1) of the ESA Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 31 December 2011.

London: 04/01/2011, 09.10 UK Time

Prospectus Directive Changes on 4 January 2011

This Post sets out a simple list of changes made on 4 January 2011 to the Prospectus Directive (Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC) by Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 (Article 5 of which introduced provisions relating to the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council, and which Directive is referred to in this Post as "the ESA Directive"):

Prospectus Directive Article 4 (Exemptions from the obligation to publish a prospectus) has been amended by Article 5(1) of the ESA Directive.

Prospectus Directive Article 5 (The prospectus) has been amended by Article 5(2) of the ESA Directive.

Prospectus Directive Article 7 (Minimum information) has been amended by Article 5(3) of the ESA Directive.

Prospectus Directive Article 8 (Omission of information) has been amended by Article 5(4) of the ESA Directive.

Prospectus Directive Article 13 (Approval of the prospectus) has been amended by Article 5(5) of the ESA Directive.

Prospectus Directive Article 14 (Publication of the prospectus) has been amended by Article 5(6) of the ESA Directive.

Prospectus Directive Article 16 (Supplements to the prospectus) has been amended by Article 5(7) of the ESA Directive.

Prospectus Directive Article 17 (Community scope of approvals of prospectuses) has been amended by Article 5(8) of the ESA Directive.


Prospectus Directive Article 18 (Notification) has been amended by Article 5(9) of the ESA Directive.

Prospectus Directive Article 21 (Powers) has been amended by Article 5(10) of the ESA Directive.

Prospectus Directive Article 22 (Professional secrecy and cooperation between authorities) has been amended by Article 5(11) of the ESA Directive.

Prospectus Directive Article 23 (Precautionary measures) has been replaced by Article 5(12) of the ESA Directive.


Article 13(1) of the ESA Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 31 December 2011.

London: 04/01/2011, 09.05 UK Time

Further Amendments to the Prospectus Directive and Transparency Directive now in force

Today (4 January 2011) sees the coming into force of significant further amendments to the Prospectus Directive and Transparency Directive.

These follow on from the coming into force on 31 December 2010 of important amendments to the Prospectus Directive and Transparency Directive .


Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 was published in the Official Journal of the European Union on 15 December 2010, and, under Article 5, it has entered into force on the 20th day following its publication in the OJ.

The full title of this Directive is "Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) Text with EEA relevance."
London: 04/01/2011, 09.00 UK Time

Sunday, January 02, 2011

Transparency Directive Changes on 31 December 2010: Update 2011 01 02

This Post sets out an update (containing the headings of the Articles which have been affected) to the list of changes made on 31 December 2010 to the Transparency Directive (Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC) by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 ("the 2010 Directive"):


Transparency Directive Article 2 (Definitions) has been amended by Article 2(1) of the 2010 Directive.

Transparency Directive Article 8 (Exemptions) has been amended by Article 2(2) of the 2010 Directive.

Transparency Directive Article 18 (Information requirements for issuers whose debt securities are admitted to trading on a regulated market) has been amended by Article 2(3) of the 2010 Directive.

Transparency Directive Article 20 (Languages) has been amended by Article 2(4) of the 2010 Directive.


Article 3(1) of the 2010 Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 1 July 2012.

London: 02/01/2011, 11.10 UK Time

Prospectus Directive Changes on 31 December 2010: Update 2011 01 02

This Post sets out an update (containing the headings of the Articles which have been affected) to the list of changes made on 31 December 2010 to the Prospectus Directive (Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC) by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 ("the 2010 Directive"):

Prospectus Directive Article 1 (Purpose and scope) has been amended by Article 1(1) of the 2010 Directive.

Prospectus Directive Article 2 (Definitions) has been amended by Article 1(2) of the 2010 Directive.

Prospectus Directive Article 3 (Obligation to publish a prospectus) has been amended by Article 1(3) of the 2010 Directive.

Prospectus Directive Article 4 (Exemptions from the obligation to publish a prospectus) has been amended by Article 1(4) of the 2010 Directive.

Prospectus Directive Article 5 (The prospectus) has been amended by Article 1(5) of the 2010 Directive.

Prospectus Directive Article 6 (Responsibility attaching to the prospectus) has been amended by Article 1(6) of the 2010 Directive.

Prospectus Directive Article 7 (Minimum information) has been amended by Article 1(7) of the 2010 Directive.

Prospectus Directive Article 8 (Omission of information) has been amended by Article 1(8) of the 2010 Directive.


Prospectus Directive Article 9 (Validity of a prospectus, base prospectus and registration document) has been amended by Article 1(9) of the 2010 Directive.

Prospectus Directive Article 10 (Information) has been deleted by Article 1(10) of the 2010 Directive.

Prospectus Directive Article 11 (Incorporation by reference) has been amended by Article 1(11) of the 2010 Directive.

Prospectus Directive Article 12 (Prospectuses consisting of separate documents) has been amended by Article 1(12) of the 2010 Directive.

Prospectus Directive Article 13 (Approval of the prospectus) has been amended by Article 1(13) of the 2010 Directive.

Prospectus Directive Article 14 (Publication of the prospectus) has been amended by Article 1(14) of the 2010 Directive. 


Prospectus Directive Article 15 (Advertisements) has been amended by Article 1(15) of the 2010 Directive.

Prospectus Directive Article 16 (Supplements to the prospectus) has been amended by Article 1(16) of the 2010 Directive.

Prospectus Directive Article 18 (Notification) has been amended by Article 1(17) of the 2010 Directive.

Prospectus Directive Article 19 (Use of languages) has been amended by Article 1(18) of the 2010 Directive. 


Prospectus Directive Article 20 (Issuers incorporated in third countries) has been amended by Article 1(19) of the 2010 Directive.

Prospectus Directive Article 21 (Powers) has been amended by Article 1(20) of the 2010 Directive. 


Prospectus Directive Article 24a (Exercise of the delegation) has been added by Article 1(21) of the 2010 Directive. 

Prospectus Directive Article 24b (Revocation of the delegation) has been added by Article 1(21) of the 2010 Directive.

Prospectus Directive Article 24c (Objections to delegated acts) has been added by Article 1(21) of the 2010 Directive. 


Article 3(1) of the 2010 Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 1 July 2012.

London: 02/01/2011, 11.00 UK Time

Friday, December 31, 2010

Transparency Directive Changes on 31 December 2010

This Post sets out a simple list of changes made on 31 December 2010 to the Transparency Directive (Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC) by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 ("the 2010 Directive"):


Transparency Directive Article 2 has been amended by Article 2(1) of the 2010 Directive.

Transparency Directive Article 8 has been amended by Article 2(2) of the 2010 Directive.

Transparency Directive Article 18 has been amended by Article 2(3) of the 2010 Directive.

Transparency Directive Article 20 has been amended by Article 2(4) of the 2010 Directive.

Article 3(1) of the 2010 Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 1 July 2012.

Wishing a Happy and Healthy New Year to one and all.

London: 31/12/2010, 09.10 UK Time