EU transparency directive flawed, say FMLC and SIA
London -- The Financial Markets Law Committee (FMLC) released a working paper in late January that pointed out a substantial flaw in the proposed EU Transparency Obligations Directive. Under the framework proposed in the existing draft, publicly listed firms would have to produce annual results that take into account the liability regimes of each EU member – some 25 countries in all after the enlargement in May.
“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
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