EU transparency directive flawed, say FMLC and SIA

Regulatory update

“The directive establishes a statutory requirement for a company whose securities are publicly traded to ensure appropriate transparency towards investors by regularly publishing and/or making available to the public its reports and financial information in each member state,” says the paper. “This will mean that an issuer (and possibly its auditors) could be exposed to liability in many jurisdictions at the same time and on the basis of different tests of liability and to a variety of sanctions