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