Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Transparency Directive definition

What does Transparency Directive mean? In practice, this term refers to the EU regime that sets minimum ongoing disclosure and periodic reporting obligations for issuers whose securities are admitted to trading on a regulated market (for example, the Main Market of the London Stock Exchange or Euronext Dublin). It is defined in legislation: Directive 2004/109/EC (the Transparency Directive), as amended by Directive 2013/50/EU, which itself amended Directive 2001/34/EC. Key features include: annual and half‑yearly financial reporting; disclosure of major holdings of voting rights; rules on the timing, format, language, dissemination and storage of “regulated information”; identification of an issuer’s home Member State; and equivalence...

EU Transparency Directive (2004/109/EC): developments, ESMA guidance and UK DTR/FSMA implementation tracker (2001–2021) [Archived]

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Practice notes

ARCHIVED: This Practice Note has been archived and is not maintained. Last updated March 2021

Tracker overview

This Transparency Directive tracker sets out recent legislative and regulatory changes relating to the TD, alongside relevant background materials and subsequent amending and implementing measures from 2001 to the present. It also covers Q&As, Recommendations and technical advice issued by ESMA (which succeeded CESR). A list of abbreviations for the tracker is available here.

This Practice Note is split into the following sections:

Key documents and abbreviations
Recent and future developments (2015 onwards)
Review and further implementation of the TD (2010–2014)
Implementation of the TD (2004–2010)
Development of the TD (2001–2004)

The TDAD (as adopted), which amended the TD (as adopted), had an implementation deadline of 26 November 2015. For further details, see Recent and future developments (2015 onwards) below.

Key documents and abbreviations

The following are key materials regarding the TD:

Consolidated version of the TD and related legislation

The TD, in its consolidated form, as amended by the TDAD.
The TD is supplemented by Commission Delegated Regulation (EU) 2015/761 of 17 December 2014, which sets out RTS on major holdings. This Regulation...

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Web page updated on 21/05/2026

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