direct ec european parliament council decemb harmonis transpar requir relat inform issuer secur admit trade regul market amend direct ec european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european econom social committe regard opinion european central bank act accord procedur laid articl treati effici transpar integr secur market contribut genuin singl market commun foster growth job creation alloc capit reduc cost disclosur accur comprehens time inform secur issuer build sustain investor confid inform assess busi perform asset enhanc investor protect market effici end secur issuer ensur transpar investor regular flow inform end sharehold natur person legal entiti hold vote right financi instrument result entitl acquir exist share vote right inform issuer acquisit major hold compani posit public inform commiss commun entitl quot implement framework financi market action plan quot identifi seri action need order complet singl market financi servic lisbon european council march call implement action plan action plan stress draw direct upgrad transpar requir confirm barcelona european council march direct compat task duti confer european system central bank escb member state central bank treati statut european system central bank european central bank attent regard member state central bank share admit trade regul market order guarante pursuit primari commun law object greater harmonis provis nation law period ongo inform requir secur issuer lead high level investor protect commun direct affect exist commun legisl unit issu collect invest undertak close end type unit acquir dispos undertak supervis issuer share debt secur denomin unit eur purpos direct effect member state issuer regist offic respect vital ensur consist direct ec european parliament council novemb prospectu publish secur offer public admit trade line flexibl introduc allow countri issuer commun compani issu secur mention choic home member state high level investor protect commun enabl barrier admiss secur regul market situat oper member state remov member state home member state longer allow restrict admiss secur regul market impos stringent requir period ongo inform issuer secur admit trade regul market remov barrier basi home member state principl direct affect area cover direct right sharehold interven manag issuer affect home member state request issuer publish addit part regul inform newspap regul ec european parliament council juli applic intern account standard pave converg financi report standard commun issuer secur admit trade regul market requir prepar consolid account specif regim secur issuer gener system compani laid compani law direct establish direct build approach regard annual interim financi report includ principl provid true fair view issuer asset liabil financi posit profit loss condens set financi statement part half yearli financi report repres suffici basi give true fair view month issuer financi year annual financi report ensur inform year issuer secur admit regul market make easier compar annual financi report investor secur market inform publish time end financi year debt secur admit trade regul market prior januari issu issuer incorpor countri home member state condit issuer prepar annual financi report accord standard requir direct direct introduc comprehens half yearli financi report issuer share admit trade regul market investor make inform assess issuer situat home member state provid exempt half yearli report issuer debt secur case credit institut act small size issuer debt secur issuer exist date entri forc direct exclus issu debt secur uncondition irrevoc guarante home member state region local author transit period ten year respect debt secur admit trade regul market prior januari purchas profession investor exempt home member state extend respect debt secur admit regul market european parliament council commiss commit rapidli enhanc transpar remuner polici total remuner paid includ conting defer compens benefit kind grant member administr manag supervisori bodi action plan quot modernis compani law enhanc corpor govern european union quot commiss intent make recommend topic futur home member state encourag issuer share admit trade regul market princip activ lie extract industri disclos payment govern annual financi report home member state encourag increas transpar payment framework establish intern financi fora direct make half yearli report mandatori issuer debt secur regul market exempt provid wholesal market basi denomin unit start eur direct ec debt secur issu currenc exempt denomin unit currenc date issu equival eur time reliabl inform share issuer perform financi year requir higher frequenc interim inform requir introduc publish interim manag statement month interim manag statement month financi year share issuer publish quarterli financi report requir publish interim manag statement liabil rule laid member state nation law regul applic issuer administr manag supervisori bodi person respons issuer member state remain free determin extent liabil public inform major hold issuer share trade regul market situat oper commun inform enabl investor acquir dispos share full knowledg vote structur enhanc effect control share issuer market transpar import capit movement inform share financi instrument determin articl lodg collater provid circumst articl appli share provid member escb carri function monetari author provid vote right attach share exercis refer quot short period quot articl understood refer credit oper carri accord treati european central bank ecb legal act ecb guidelin monetari polici instrument procedur target credit oper purpos perform equival function accord nation provis order avoid unnecessari burden market particip clarifi exercis influenc issuer requir notif major hold share financi instrument determin articl result entitl acquir share regard market maker custodian hold share financi instrument acquir sole clear settlement purpos limit guarante appli commun home member state allow provid limit exempt hold share trade book credit institut invest firm order clarifi major holder share financi instrument issuer commun parent undertak requir aggreg hold manag undertak collect invest transfer secur ucit invest firm provid undertak firm exercis vote right independ parent undertak fulfil condit ongo inform holder secur admit trade regul market continu base principl equal treatment equal treatment relat sharehold posit prejudic issu vote right attach share token holder debt secur rank pari passu continu benefit equal treatment case sovereign debt inform holder share debt secur gener meet facilit holder share debt secur situat abroad activ involv mandat proxi act behalf reason decid gener meet holder share debt secur modern inform commun technolog realiti case issuer put place arrang order effect inform holder share debt secur identifi holder remov barrier effect enforc commun inform requir requir adequ control compet author home member state direct provid minimum guarante time avail inform reason file storag system exist member state oblig issuer translat ongo period inform relev languag member state secur admit trade foster integr secur market deterr effect cross border admiss secur trade regul market issuer case entitl provid inform drawn languag customari sphere intern financ effort need attract investor member state countri member state longer prevent sharehold person exercis vote right holder financi instrument make requir notif issuer languag customari sphere intern financ access investor inform issuer organis commun level order activ promot integr european capit market investor situat issuer home member state put equal foot investor situat issuer home member state seek access inform achiev home member state ensur complianc minimum qualiti standard dissemin inform commun fast manner discriminatori basi depend type regul inform question addit inform dissemin home member state centralis allow european network built access afford price retail investor lead unnecessari duplic file requir issuer issuer benefit free competit choos media oper dissemin inform direct order simplifi investor access corpor inform member state left nation supervisori author formul guidelin set electron network close consult parti concern secur issuer investor market particip oper regul market financi inform provid ensur effect protect investor proper oper regul market rule relat inform publish issuer secur admit trade regul market appli issuer regist offic member state fall scope articl treati ensur addit relev inform commun issuer countri issuer disclosur requir countri member state made public commun singl compet author design member state assum final respons supervis complianc provis adopt pursuant direct intern cooper author administr natur independ econom player ensur order avoid conflict interest member state design compet author examin inform refer direct drawn accord relev report framework take measur case discov infring author administr natur increas cross border activ requir improv cooper nation compet author includ comprehens set provis exchang inform precautionari measur organis regulatori supervisori task member state hinder effici cooper compet nation author meet juli council set committe wise men regul european secur market final report committe propos introduct legisl techniqu base level approach essenti principl technic implement measur cooper nation secur regul enforc commun law direct confin broad quot framework quot principl implement measur adopt commiss assist european secur committe establish commiss decis ec lai technic detail resolut adopt stockholm european council march endors final report committe wise men propos level approach make regulatori process commun secur legisl effici transpar resolut implement measur frequent ensur technic provis date market supervisori develop deadlin set stage implement rule resolut european parliament februari implement financi servic legisl endors committe wise men report basi solemn declar made european parliament dai presid commiss letter octob address intern market commission chairman parliament committe econom monetari affair regard safeguard european parliament role process european parliament period month transmiss draft implement measur examin give opinion urgent duli justifi case period shorten period resolut pass european parliament commiss examin draft measur technic implement measur rule laid direct account develop secur market commiss empow adopt implement measur provid modifi essenti element direct provid commiss act accord principl set consult european secur committe exercis implement power accord direct commiss respect principl ensur confid financi market investor promot high standard transpar financi market provid investor wide rang compet invest level disclosur protect tailor circumst ensur independ regulatori author enforc rule consist fight econom crime high level transpar consult market particip european parliament council encourag innov financi market dynam effici ensur market integr close reactiv monitor financi innov import reduc cost increas access capit balanc cost benefit market particip long term basi includ small medium size busi small investor implement measur foster intern competit commun financi market prejudic need extens intern cooper achiev level plai field market particip establish commun wide regul respect differ nation market unduli imping coher singl market ensur coher commun legisl area imbal inform lack transpar jeopardis oper market harm consum small investor order ensur requir set direct measur implement direct fulfil infring requir measur promptli detect subject penalti end measur penalti suffici dissuas proportion consist enforc member state ensur decis compet nation author subject appeal court direct aim upgrad current transpar requir secur issuer investor acquir dispos major hold issuer share admit trade regul market direct replac requir set direct ec european parliament council admiss secur offici stock exchang list inform publish secur order gather transpar requir singl act amend amend affect abil member state impos addit requir articl direct ec remain valid direct line direct ec european parliament council octob protect individu regard process person data free movement data direct respect fundament right observ principl recognis charter fundament right european union object direct ensur investor confid equival transpar commun complet intern market suffici achiev member state basi exist commun legisl achiev commun level commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object measur implement direct adopt accord council decis ec june lai procedur exercis implement power confer commiss adopt direct chapter gener provis articl subject matter scope direct establish requir relat disclosur period ongo inform issuer secur admit trade regul market situat oper member state direct appli unit issu collect invest undertak close end type unit acquir dispos collect invest undertak member state decid appli provis mention articl paragraph articl secur admit trade regul market issu region local author member state decid appli articl nation central bank capac issuer share admit trade regul market admiss place januari articl definit purpos direct definit appli quot secur quot mean transfer secur defin articl point direct ec european parliament council april market financi instrument except monei market instrument defin articl point direct matur month nation legisl applic quot debt secur quot mean bond form transfer securitis debt except secur equival share compani convert right confer exercis give rise acquir share secur equival share quot regul market quot mean market defin articl point direct ec quot issuer quot mean legal entiti govern privat public law includ state secur admit trade regul market issuer case depositori receipt repres secur issuer secur repres quot sharehold quot mean natur person legal entiti govern privat public law hold directli indirectli share issuer account ii share issuer behalf natur person legal entiti iii depositori receipt case holder depositori receipt consid sharehold underli share repres depositori receipt quot control undertak quot mean undertak natur person legal entiti major vote right ii natur person legal entiti appoint remov major member administr manag supervisori bodi time sharehold member undertak question iii natur person legal entiti sharehold member control major sharehold member vote right pursuant agreement enter sharehold member undertak question iv natur person legal entiti power exercis exercis domin influenc control quot collect invest undertak close end type quot mean unit trust invest compani object collect invest capit provid public oper principl risk spread ii unit request holder unit repurchas redeem directli indirectli asset undertak quot unit collect invest undertak quot mean secur issu collect invest undertak repres right particip undertak asset quot home member state quot mean case issuer debt secur denomin unit eur issuer share issuer incorpor commun member state regist offic issuer incorpor countri member state requir file annual inform compet author accord articl direct ec definit quot home quot member state applic debt secur currenc euro provid denomin unit date issu eur equival eur ii issuer cover member state chosen issuer member state issuer regist offic member state admit secur trade regul market territori issuer choos member state home member state choic remain valid year secur longer admit trade regul market commun quot host member state quot mean member state secur admit trade regul market home member state quot regul inform quot mean inform issuer person appli admiss secur trade regul market issuer consent requir disclos direct articl direct ec european parliament council januari insid deal market manipul market abus law regul administr provis member state adopt articl direct quot electron mean quot mean electron equip process includ digit compress storag transmiss data emploi wire radio optic technolog electromagnet mean quot manag compani quot mean compani defin articl council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit quot market maker quot mean person hold financi market continu basi deal account bui sell financi instrument proprietari capit price defin quot credit institut quot mean undertak defin articl direct ec european parliament council march relat take pursuit busi credit institut quot secur issu continu repeat manner quot mean debt secur issuer tap separ issu secur similar type class purpos definit quot control undertak quot paragraph ii holder right relat vote appoint remov includ right undertak control sharehold natur person legal entiti act albeit behalf sharehold undertak control sharehold order account technic develop financi market ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur definit set paragraph commiss establish purpos paragraph ii procedur arrang accord issuer make choic home member state adjust purpos choic home member state refer paragraph ii year period relat issuer track record light requir commun law admiss trade regul market establish purpos paragraph indic list mean consid electron mean take account annex direct ec european parliament council june lai procedur provis inform field technic standard regul articl integr secur market home member state make issuer subject requir stringent laid direct home member state make holder share natur person legal entiti refer articl subject requir stringent laid direct host member state admiss secur regul market territori impos disclosur requir stringent laid direct articl direct ec notif inform make holder share natur person legal entiti refer articl subject requir stringent laid direct chapter ii period inform articl annual financi report issuer make public annual financi report latest month end financi year ensur remain publicli year annual financi report compris audit financi statement manag report statement made person respons issuer name function effect knowledg financi statement prepar accord applic set account standard give true fair view asset liabil financi posit profit loss issuer undertak includ consolid manag report includ fair review develop perform busi posit issuer undertak includ consolid descript princip risk uncertainti face issuer requir prepar consolid account seventh council direct eec june consolid account audit financi statement compris consolid account drawn accord regul ec annual account parent compani drawn accord nation law member state parent compani incorpor issuer requir prepar consolid account audit financi statement compris account prepar accord nation law member state compani incorpor financi statement audit accord articl fourth council direct eec juli annual account type compani issuer requir prepar consolid account accord articl direct eec audit report sign person person respons audit financi statement disclos full public annual financi report manag report drawn accord articl direct eec issuer requir prepar consolid account accord articl direct eec commiss accord procedur refer articl adopt implement measur order account technic develop financi market ensur uniform applic paragraph commiss technic condit publish annual financi report includ audit report remain public commiss adapt year period refer paragraph articl half yearli financi report issuer share debt secur make public half yearli financi report cover month financi year end relev period latest month issuer ensur half yearli financi report remain public year half yearli financi report compris condens set financi statement interim manag report statement made person respons issuer name function effect knowledg condens set financi statement prepar accord applic set account standard true fair view asset liabil financi posit profit loss issuer undertak includ consolid requir paragraph interim manag report includ fair review inform requir paragraph issuer requir prepar consolid account condens set financi statement prepar accord intern account standard applic interim financi report adopt pursuant procedur provid articl regul ec issuer requir prepar consolid account condens set financi statement condens balanc sheet condens profit loss account explanatori note account prepar condens balanc sheet condens profit loss account issuer follow principl recognis measur prepar annual financi report interim manag report includ indic import event occur month financi year impact condens set financi statement descript princip risk uncertainti remain month financi year issuer share interim manag report includ major relat parti transact half yearli financi report audit audit report reproduc full appli case auditor review half yearli financi report audit review auditor issuer make statement effect report commiss accord procedur refer articl adopt implement measur order account technic develop financi market ensur uniform applic paragraph articl commiss technic condit publish half yearli financi report includ auditor review remain public clarifi natur auditor review minimum content condens balanc sheet profit loss account explanatori note account prepar accord intern account standard adopt pursuant procedur provid articl regul ec commiss adapt year period refer paragraph articl interim manag statement prejudic articl direct ec issuer share admit trade regul market make public statement manag month period financi year statement manag month period financi year statement made period ten week begin week end relev month period inform cover period begin relev month period date public statement statement provid explan materi event transact place relev period impact financi posit issuer control undertak gener descript financi posit perform issuer control undertak relev period issuer nation legisl rule regul market initi publish quarterli financi report accord legisl rule requir make public statement manag provid paragraph commiss provid report european parliament council januari transpar quarterli financi report statement manag issuer examin inform provid meet object allow investor make inform assess financi posit issuer report includ impact assess area commiss consid propos amend articl articl respons liabil member state ensur respons inform drawn made public accord articl li issuer administr manag supervisori bodi ensur law regul administr provis liabil appli issuer bodi refer articl person respons issuer articl exempt articl appli issuer state region local author state public intern bodi member state member ecb member state nation central bank issu share secur issuer exclus debt secur admit trade regul market denomin unit eur case debt secur denomin currenc euro denomin unit date issu equival eur home member state choos appli articl credit institut share admit trade regul market continu repeat manner issu debt secur provid total nomin amount debt secur remain eur publish prospectu direct ec home member state choos appli articl issuer exist date entri forc direct ec exclus issu debt secur uncondition irrevoc guarante home member state region local author regul market chapter iii ongo inform section inform major hold articl notif acquisit dispos major hold home member state ensur sharehold acquir dispos share issuer share admit trade regul market vote right attach sharehold notifi issuer proport vote right issuer held sharehold result acquisit dispos proport reach exce fall threshold vote right calcul basi share vote right attach exercis thereof suspend inform respect share class vote right attach home member state ensur sharehold notifi issuer proport vote right proport reach exce fall threshold provid paragraph result event chang breakdown vote right basi inform disclos pursuant articl issuer incorpor countri notif made equival event home member state appli threshold appli threshold threshold appli threshold third articl appli share acquir sole purpos clear settl usual short settlement cycl custodian hold share custodian capac provid custodian exercis vote right attach share instruct write electron mean articl appli acquisit dispos major hold reach cross threshold market maker act capac market maker provid authoris home member state direct ec interven manag issuer concern exert influenc issuer bui share back share price home member state articl provid vote right held trade book defin articl council direct eec march capit adequaci invest firm credit institut credit institut invest firm count purpos articl provid vote right held trade book exce credit institut invest firm ensur vote right attach share held trade book exercis interven manag issuer commiss accord procedur refer articl adopt implement measur order account technic develop financi market ensur uniform applic paragraph articl commiss maximum length quot short settlement cycl quot refer paragraph control mechan compet author home member state addit commiss draw list event refer paragraph articl acquisit dispos major proport vote right notif requir defin paragraph articl appli natur person legal entiti extent entitl acquir dispos exercis vote right case combin vote right held parti person entiti conclud agreement oblig adopt concert exercis vote right hold last common polici manag issuer question vote right held parti agreement conclud person entiti provid temporari transfer consider vote right question vote right attach share lodg collater person entiti provid person entiti control vote right declar intent exercis vote right attach share person entiti life interest vote right held exercis mean point undertak control person entiti vote right attach share deposit person entiti person entiti exercis discret absenc specif instruct sharehold vote right held parti behalf person entiti vote right person entiti exercis proxi person entiti exercis vote right discret absenc specif instruct sharehold articl articl appli share provid member escb carri function monetari author includ share provid member escb pledg repurchas similar agreement liquid grant monetari polici purpos payment system exempt appli transact last short period provid vote right attach share exercis articl procedur notif disclosur major hold notif requir articl includ inform result situat term vote right chain control undertak vote right effect held applic date threshold reach cross ident sharehold sharehold entitl exercis vote right condit laid articl natur person legal entiti entitl exercis vote right behalf sharehold notif issuer effect trade dai dai date sharehold natur person legal entiti refer articl learn acquisit dispos possibl exercis vote right regard circumst learn date acquisit dispos possibl exercis vote right take effect inform event mention articl undertak exempt make requir notif accord paragraph notif made parent undertak parent undertak control undertak parent undertak parent undertak manag compani requir aggreg hold articl hold manag manag compani condit laid direct eec provid manag compani exercis vote right independ parent undertak articl appli parent undertak control undertak parent undertak invest hold manag manag compani manag compani discret exercis vote right attach hold exercis vote right direct indirect instruct parent control undertak parent undertak parent undertak invest firm authoris direct ec requir aggreg hold articl hold invest firm manag client client basi mean articl point direct ec provid invest firm authoris provid portfolio manag point section annex direct ec exercis vote right attach share instruct write electron mean ensur individu portfolio manag servic conduct independ servic condit equival provid direct eec put place mechan invest firm exercis vote right independ parent undertak articl appli parent undertak control undertak parent undertak invest hold manag invest firm invest firm discret exercis vote right attach hold exercis vote right direct indirect instruct parent control undertak parent undertak receipt notif paragraph trade dai issuer make public inform contain notif home member state exempt issuer requir paragraph inform contain notif made public compet author condit laid articl receipt notif trade dai order account technic develop financi market ensur uniform applic paragraph articl commiss accord procedur refer articl adopt implement measur establish standard form commun notifi requir inform issuer paragraph file inform articl determin calendar quot trade dai quot member state establish case sharehold natur person legal entiti refer articl effect notif issuer clarifi circumst sharehold natur person legal entiti refer articl learn acquisit dispos clarifi condit independ compli manag compani parent undertak invest firm parent undertak benefit exempt paragraph articl notif requir laid articl appli natur person legal entiti hold directli indirectli financi instrument result entitl acquir holder initi formal agreement share vote right attach issu issuer share admit trade regul market commiss accord procedur refer articl adopt implement measur order account technic develop financi market ensur uniform applic paragraph determin type financi instrument refer paragraph aggreg natur formal agreement refer paragraph content notif made establish standard form commun purpos notif period notif made articl issuer share admit trade regul market acquir dispos share person act issuer behalf home member state ensur issuer make public proport share trade dai acquisit dispos proport reach exce fall threshold vote right proport calcul basi total number share vote right attach commiss accord procedur refer articl adopt implement measur order account technic develop financi market ensur uniform applic paragraph articl purpos calcul threshold provid articl home member state requir disclosur public issuer total number vote right capit end calendar month increas decreas total number occur articl addit inform issuer share admit trade regul market make public delai chang right attach class share includ right attach deriv secur issu issuer give access share issuer issuer secur share admit trade regul market make public delai right holder secur share includ term condit secur indirectli affect right result chang loan term interest rate issuer secur admit trade regul market make public delai loan issu guarante secur respect thereof prejudic direct ec paragraph appli public intern bodi member state member section ii inform holder secur admit trade regul market articl inform requir issuer share admit trade regul market issuer share admit trade regul market ensur equal treatment holder share posit issuer ensur facil inform enabl holder share exercis right home member state integr data preserv sharehold prevent exercis right proxi subject law countri issuer incorpor issuer provid inform place time agenda meet total number share vote right right holder particip meet make proxi form paper applic electron mean person entitl vote sharehold meet notic meet request announc meet design agent financi institut sharehold exercis financi right publish notic distribut circular alloc payment dividend issu share includ inform arrang allot subscript cancel convers purpos convei inform sharehold home member state issuer electron mean provid decis gener meet meet condit electron mean depend locat seat resid sharehold case refer articl natur person legal entiti identif arrang put place sharehold natur person legal entiti entitl exercis direct exercis vote right effect inform sharehold case refer articl natur person legal entiti entitl acquir dispos exercis vote right contact write request consent electron mean convei inform object reason period time consent deem request time futur inform convei write apportion cost entail convey inform electron mean determin issuer complianc principl equal treatment laid paragraph commiss accord procedur provid articl adopt implement measur order account technic develop financi market account develop inform commun technolog ensur uniform applic paragraph type financi institut sharehold exercis financi right provid paragraph articl inform requir issuer debt secur admit trade regul market issuer debt secur admit trade regul market ensur holder debt secur rank pari passu equal treatment respect right attach debt secur issuer ensur facil inform enabl debt secur holder exercis right publicli home member state integr data preserv debt secur holder prevent exercis right proxi subject law countri issuer incorpor issuer publish notic distribut circular place time agenda meet debt secur holder payment interest exercis convers exchang subscript cancel right repay holder particip make proxi form paper applic electron mean person entitl vote meet debt secur holder notic meet request announc meet design agent financi institut debt secur holder exercis financi right holder debt secur denomin unit amount eur case debt secur denomin currenc euro denomin unit date issu equival eur invit meet issuer choos venu member state provid facil inform enabl holder exercis right made member state purpos convei inform debt secur holder home member state member state chosen issuer pursuant paragraph issuer electron mean provid decis gener meet meet condit electron mean depend locat seat resid debt secur holder proxi repres holder identif arrang put place debt secur holder effect inform debt secur holder contact write request consent electron mean convei inform object reason period time consent deem request time futur inform convei write apportion cost entail convey inform electron mean determin issuer complianc principl equal treatment laid paragraph commiss accord procedur provid articl adopt implement measur order account technic develop financi market account develop inform commun technolog ensur uniform applic paragraph type financi institut debt secur holder exercis financi right provid paragraph chapter iv gener oblig articl home member state control issuer person request issuer consent admiss secur trade regul market disclos regul inform time file inform compet author home member state compet author decid publish file inform internet site issuer propos amend instrument incorpor statut commun draft amend compet author home member state regul market secur admit trade commun effect delai latest date call gener meet vote inform amend home member state exempt issuer requir paragraph respect inform disclos accord articl direct ec articl direct inform notifi issuer accord articl time file compet author home member state order ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur commiss procedur accord issuer holder share financi instrument person entiti refer articl file inform compet author home member state paragraph order enabl file electron mean home member state coordin file annual financi report refer articl direct file annual inform refer articl direct ec articl languag secur admit trade regul market home member state regul inform disclos languag accept compet author home member state secur admit trade regul market home member state host member state regul inform disclos languag accept compet author home member state depend choic issuer languag accept compet author host member state languag customari sphere intern financ secur admit trade regul market host member state home member state regul inform depend choic issuer disclos languag accept compet author host member state languag customari sphere intern financ addit home member state lai law regul administr provis regul inform depend choic issuer disclos languag accept compet author languag customari sphere intern financ secur admit trade regul market issuer consent oblig paragraph incumb issuer person issuer consent request admiss member state sharehold natur person legal entiti refer articl notifi inform issuer direct languag customari sphere intern financ issuer receiv notif member state requir issuer provid translat languag accept compet author derog paragraph secur denomin unit amount eur case debt secur denomin currenc euro equival eur date issu admit trade regul market member state regul inform disclos public languag accept compet author home host member state languag customari sphere intern financ choic issuer person issuer consent request admiss action content regul inform brought court tribun member state respons payment cost incur translat inform purpos proceed decid accord law member state articl access regul inform home member state ensur issuer person appli admiss trade regul market issuer consent disclos regul inform manner ensur fast access inform discriminatori basi make offici appoint mechan refer paragraph issuer person appli admiss trade regul market issuer consent charg investor specif cost provid inform home member state requir issuer media reli effect dissemin inform public commun home member state impos oblig media oper establish territori home member state ensur offici appoint mechan central storag regul inform mechan compli minimum qualiti standard secur certainti inform sourc time record easi access end user align file procedur articl secur admit trade regul market host member state home member state host member state ensur disclosur regul inform accord requir refer paragraph order account technic develop financi market account develop inform commun technolog ensur uniform applic paragraph commiss adopt implement measur accord procedur refer articl commiss minimum standard dissemin regul inform refer paragraph minimum standard central storag mechan refer paragraph commiss updat list media dissemin inform public articl guidelin compet author member state draw guidelin view facilit public access inform disclos direct ec direct ec direct aim guidelin creation electron network set nation level nation secur regul oper regul market nation compani regist cover council direct eec march coordin safeguard protect interest member requir member state compani mean paragraph articl treati view make safeguard equival commun singl electron network platform electron network member state commiss review result achiev paragraph decemb accord procedur refer articl adopt implement measur facilit complianc articl articl countri regist offic issuer countri compet author home member state exempt issuer requir articl articl provid law countri question lai equival requir issuer compli requir law countri compet author home member state consid equival inform cover requir laid countri file accord articl disclos accord articl derog paragraph issuer regist offic countri exempt prepar financi statement accord articl articl prior financi year start januari provid issuer prepar financi statement accord internation accept standard refer articl regul ec compet author home member state ensur inform disclos countri import public commun disclos accord articl inform regul inform mean articl order ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur set mechan ensur establish equival inform requir direct includ financi statement inform includ financi statement requir law regul administr provis countri ii state reason domest law regul administr provis practic procedur base intern standard set intern organis countri issuer regist ensur equival inform requir provid direct commiss accord procedur refer articl decis equival account standard countri issuer condit set articl latest year date refer articl commiss decid account standard countri equival issuer concern continu account standard transit period order ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur defin type inform disclos countri import public commun undertak regist offic countri requir authoris accord articl direct eec regard portfolio manag point section annex direct ec regist offic case invest firm head offic commun exempt aggreg hold hold parent undertak requir laid articl provid compli equival condit independ manag compani invest firm order account technic develop financi market ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur state reason domest law regul administr provis countri ensur equival independ requir provid direct implement measur chapter compet author articl compet author power member state design central author refer articl direct ec central compet administr author respons carri oblig provid direct ensur provis adopt pursuant direct appli member state inform commiss purpos paragraph member state design compet author central compet author refer subparagraph member state central compet author deleg task task refer paragraph deleg task relat oblig provid direct implement measur review year entri forc direct end year entri forc direct deleg task made specif manner state task undertaken condit carri condit includ claus requir entiti question organis manner conflict interest avoid inform obtain carri deleg task unfairli prevent competit case final respons supervis complianc provis direct implement measur adopt pursuant thereto lie compet author design accord paragraph member state inform commiss compet author member state arrang enter regard deleg task includ precis condit regul deleg compet author power perform function empow requir auditor issuer holder share financi instrument person entiti refer articl person control control provid inform document requir issuer disclos inform requir point public mean time limit author consid publish inform initi event issuer person control control fail heard issuer requir manag issuer holder share financi instrument person entiti refer articl notifi inform requir direct nation law adopt accord direct provid inform document suspend request relev regul market suspend trade secur maximum ten dai time reason ground suspect provis direct nation law adopt accord direct infring issuer prohibit trade regul market find provis direct nation law adopt accord direct infring reason ground suspect provis direct infring monitor issuer disclos time inform object ensur effect equal access public member state secur trade action case make public fact issuer holder share financi instrument person entiti refer articl fail compli oblig examin inform refer direct drawn accord relev report framework measur case discov infring carri site inspect territori accord nation law order verifi complianc provis direct implement measur nation law compet author author power appli relev judici author cooper author paragraph prejudic possibl member state make separ legal administr arrang oversea european territori extern relat member state respons disclosur compet author auditor fact decis relat request made compet author paragraph constitut breach restrict disclosur inform impos contract law regul administr provis involv auditor liabil kind articl profession secreci cooper member state oblig profession secreci appli person work work compet author entiti compet author deleg task inform cover profession secreci disclos person author virtu law regul administr provis member state compet author member state cooper purpos carri duti make power set direct nation law adopt pursuant direct compet author render assist compet author member state paragraph prevent compet author exchang confidenti inform inform exchang cover oblig profession secreci person emploi emploi compet author receiv inform subject member state conclud cooper agreement provid exchang inform compet author bodi countri enabl respect legisl carri task assign direct compet author accord articl exchang inform subject guarante profession secreci equival refer articl exchang inform intend perform supervisori task author bodi mention inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement articl precautionari measur compet author host member state find issuer holder share financi instrument person entiti refer articl commit irregular infring oblig refer find compet author home member state measur compet author home member state measur prove inadequ issuer secur holder persist infring relev legal regulatori provis compet author host member state inform compet author home member state accord articl measur order protect investor commiss inform measur earliest opportun chapter vi implement measur articl committe procedur commiss assist european secur committe institut articl decis ec refer made paragraph articl decis ec appli regard provis articl thereof provid implement measur adopt accord procedur modifi essenti provis direct period laid articl decis ec set month committe adopt rule procedur prejudic implement measur adopt januari applic provis direct adopt technic rule decis accord procedur refer paragraph suspend propos commiss european parliament council renew provis concern accord procedur laid articl treati end review prior expiri year period articl penalti prejudic member state impos crimin penalti member state ensur conform nation law administr measur civil administr penalti impos respect person respons provis adopt accord direct compli member state ensur measur effect proportion dissuas member state provid compet author disclos public measur penalti impos infring provis adopt accord direct save disclosur jeopardis financi market disproportion damag parti involv articl appeal member state ensur decis law regul administr provis adopt accord direct subject appeal court chapter vii transit final provis articl transit provis derog articl direct home member state exempt disclos financi statement accord regul ec issuer refer articl regul financi year start januari notwithstand articl sharehold notifi issuer latest month date articl proport vote right capit hold accord articl issuer date made notif equival inform date notwithstand articl issuer turn disclos inform receiv notif month date articl issuer incorpor countri home member state exempt issuer respect debt secur admit trade regul market commun prior januari draw financi statement accord articl manag report accord articl long compet author home member state acknowledg annual financi statement prepar issuer countri give true fair view issuer asset liabil financi posit result countri issuer incorpor made mandatori applic intern account standard refer articl regul ec commiss decis accord articl ii equival abovement account standard account standard laid law regul administr provis countri issuer incorpor account standard countri issuer elect compli home member state exempt issuer respect debt secur admit trade regul market commun prior januari disclos half yearli financi report accord articl year januari provid home member state decid issuer benefit provis articl direct ec point admiss debt secur articl transposit member state measur compli direct januari forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state adopt measur pursuant articl immedi commun measur commiss member state articl amend effect date articl direct ec amend articl point delet articl delet articl paragraph delet articl paragraph replac quot member state make issuer secur admit offici list subject addit oblig provid addit oblig appli gener issuer individu class issuer quot articl delet articl delet articl subparagraph delet articl paragraph amend point word quot period inform publish compani share admit quot delet point delet point iii delet point delet refer made repeal provis constru made provis direct articl review commiss june report oper direct european parliament council includ appropri end exempt exist debt secur year period provid articl potenti impact european financi market articl entri forc direct enter forc twentieth dai public offici journal european union articl addresse direct address member state strasbourg decemb european parliament presid borrel fontel council presid nicolaï oj oj opinion european parliament march publish offici journal council decis decemb oj oj oj decis amend decis ec oj oj direct amend direct ec oj direct amend regul ec oj oj oj oj oj direct amend direct ec oj direct amend commiss direct ec oj oj direct amend act access oj direct amend direct ec european parliament council oj oj direct amend direct ec oj direct amend direct ec editori note titl adjust account renumb articl treati establish european commun accord articl treati amsterdam origin refer articl treati oj direct amend direct ec european parliament council oj