The Reform of the Transparency Regime in European Capital Markets Laws

Abstract

Transparency of major holdings was high up on the agenda of the European legislator from early on, and these provisions are to be reformed. On 25 October 2011 the European Commission published a proposal for a Directive amending the Transparency Directive. The primary aim is to introduce extended disclosure obligations for the holders of financial instruments.The Commission further aims to enhance the sanctioning powers of the competent authorities, making the system more effective. This paper analyses the draft and puts it in context.