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Commission Européenne

MEMO

Bruxelles, 30 mai 2013

Déclaration du Commissaire Michel Barnier saluant l'accord obtenu sur la révision de la Directive transparence

Je félicite le Parlement européen et en particulier les rapporteurs, Arlene McCarthy et Klaus-Heiner Lehne, et le Conseil - en particulier des présidences irlandaise, chypriote et danoise - d'être parvenus à cet accord important.

Je salue cette nouvelle avancée significative dans notre effort de rendre les sociétés européennes plus transparentes et responsables.

Ce texte autorise les sociétés cotées, et notamment les petites et moyennes entreprises, à ne plus publier de rapports financiers trimestriels, ce qui devrait contribuer à réduire les contraintes administratives et à limiter la tendance au court-termisme au sein des marchés financiers.

La Directive transparence révisée empêchera également les investisseurs de constituer de façon occulte une participation contrôlant au capital d’une société cotée, en ce qu’ils devront désormais procéder à la notification de tous les instruments financiers ayant un effet économique similaire à la détention d’actions.

Enfin, cet accord assure que les exigences de publication concernant les industries extractives et forestières, récemment acceptées dans le cadre de la Directive comptable, s’appliquent à l’ensemble des sociétés, exerçant des activités dans ces domaines, cotées en Europe.

Background

On 25 October 2011 the Commission adopted a legislative proposal (see IP/11/1238 and MEMO/11/734) on the existing Directive on transparency requirements for listed companies. This Directive (2004/109/EC) requires issuers of securities traded on regulated markets within the EU to ensure appropriate transparency through a regular flow of information to the markets.

The Commission proposed to revise this Directive since some of the transparency requirements risked creating considerable administrative burdens. The requirement to publish quarterly financial information contributes, in particular for small and medium-sized issuers, to high compliance costs linked to listing on the regulated markets. This requirement is also perceived as a regulatory incentive encouraging the culture of short-termism on financial markets. The existing Directive foresees a number of notification thresholds for acquirers when they reach a certain stake in a listed company. However, the current rules contain a notification gap: holdings of certain types of financial instruments that can be used to acquire economic interests in listed companies without acquiring shares are not currently covered by the Directive’s rules for disclosure. This notification gap will be closed in the revised Transparency Directive.

Finally, the disclosure requirement of payments to governments on a country and project basis by listed and large non-listed companies with activities in the extractive industry (oil, gas and mining) and loggers of primary forests (the so-called country by country reporting - CBCR) was incorporated in the proposals to revise the Accounting Directives (78/660/EEC and 83/349/EEC) and the Transparency Directive (2004/109/EC). The existing Accounting Directive regulates the information provided in the financial statements of all limited liability companies which are registered in the European Economic Area (EEA). The same disclosure requirement has been incorporated in the Transparency Directive in order to include all companies active in these sectors which are listed on EU regulated markets.

More information

http://ec.europa.eu/internal_market/accounting/other_en.htm


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