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Document 02007L0014-20131126
Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
Consolidated text: Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
02007L0014 — EN — 26.11.2013 — 001.001
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COMMISSION DIRECTIVE 2007/14/EC of 8 March 2007 (OJ L 069 9.3.2007, p. 27) |
Amended by:
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Official Journal |
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date |
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DIRECTIVE 2013/50/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 22 October 2013 |
L 294 |
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6.11.2013 |
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COMMISSION DIRECTIVE 2007/14/EC
of 8 March 2007
laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
Article 1
Subject matter
This Directive lays down detailed rules for the implementation of Article 2(1)(i)(ii), the second subparagraph of Article 5(3), the second sentence of Article 5(4), Article 9(1), (2) and (4), Article 10, Article 12(1), (2), (4), (5) and (6), Article 12(2)(a), Article 13(1), Article 21(1), Article 23(1) and (6) of Directive 2004/109/EC.
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Article 3
Minimum content of half-yearly non-consolidated financial statements
(Article 5(3), second subparagraph, of Directive 2004/109/EC)
In addition, the following comparative information shall be included:
balance sheet as at the end of the first six months of the current financial year and comparative balance sheet as at the end of the immediate preceding financial year;
profit and loss account for the first six months of the current financial year with, from two years after the date of entry into force of this Directive, comparative information for the comparable period for the preceding financial year.
The explanatory notes shall include the following:
sufficient information to ensure the comparability of the condensed half-yearly financial statements with the annual financial statements;
sufficient information and explanations to ensure a user's proper understanding of any material changes in amounts and of any developments in the half-year period concerned, which are reflected in the balance sheet and the profit and loss account.
Article 4
Major related parties’ transactions
(Article 5(4), second sentence, of Directive 2004/109/EC)
In the interim management reports, issuers of shares shall disclose as major related parties’ transactions, as a minimum, the following:
related parties’ transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period;
any changes in the related parties’ transactions described in the last annual report that could have a material effect on the financial position or performance of the enterprise in the first six months of the current financial year.
Article 5
Maximum length of the usual ‘short settlement cycle’
(Article 9(4) of Directive 2004/109/EC)
The maximum length of the usual ‘short settlement cycle’ shall be three trading days following the transaction.
Article 6
Control mechanisms by competent authorities as regards market makers
(Article 9(5) of Directive 2004/109/EC)
Where the market maker ceases to conduct market making activities on the issuer concerned, it shall notify that competent authority accordingly.
Article 7
Calendar of trading days
(Article 12(2) and (6), and Article 14(1), of Directive 2004/109/EC)
Article 8
Shareholders and natural persons or legal entities referred to in Article 10 of the Transparency Directive required to make the notification of major holdings
(Article 12(2) of Directive 2004/109/EC)
In the circumstances referred to in point (a) of Article 10 of the Directive 2004/109/EC, the notification obligation shall be a collective obligation shared by all parties to the agreement.
If, in the circumstances referred to in point (h) of Article 10, the proxy holder receives one or several proxies in relation to one shareholder meeting, notification may be made by means of a single notification at the moment of receiving the proxies provided that it is made clear in the notification what the resulting situation in terms of voting rights will be when the proxy may no longer exercise the voting rights at its discretion.
However, use of a single common notification may not be deemed to release any of the natural persons or legal entities concerned from their responsibility in relation to notification.
Article 9
Circumstances under which the notifying person should have learned of acquisition or disposal or of possibility to exercise voting rights
(Article 12(2) of Directive 2004/109/EC)
For the purposes of point (a) of Article 12(2) of Directive 2004/109/EC, the shareholder, or the natural person or legal entity referred to in Article 10 of that Directive, shall be deemed to have knowledge of the acquisition, disposal or possibility to exercise voting rights no later than two trading days following the transaction.
Article 10
Conditions of independence to be complied with by management companies and investment firms involved in individual portfolio management
(Article 12(4), first subparagraph, and Article 12(5), first subparagraph, of Directive 2004/109/EC)
For the purposes of the exemption to the aggregation of holdings provided for in the first subparagraphs of Article 12(4) and (5) of Directive 2004/109/EC, a parent undertaking of a management company or of an investment firm shall comply with the following conditions:
it must not interfere by giving direct or indirect instructions or in any other way in the exercise of the voting rights held by that management company or investment firm;
that management company or investment firm must be free to exercise, independently of the parent undertaking, the voting rights attached to the assets it manages.
A parent undertaking which wishes to make use of the exemption shall, without delay, notify the following to the competent authority of the home Member State of issuers whose voting rights are attached to holdings managed by the management companies or investment firms:
a list of the names of those management companies and investment firms, indicating the competent authorities that supervise them or that no competent authority supervises them, but with no reference to the issuers concerned;
a statement that, in the case of each such management company or investment firm, the parent undertaking complies with the conditions laid down in paragraph 1.
The parent undertaking shall update the list referred to in point (a) on an ongoing basis.
Without prejudice to the application of Article 24 of Directive 2004/109/EC, a parent undertaking of a management company or of an investment firm shall be able to demonstrate to the competent authority of the home Member State of the issuer on request that:
the organisational structures of the parent undertaking and the management company or investment firm are such that the voting rights are exercised independently of the parent undertaking;
the persons who decide how the voting rights are to be exercised act independently;
if the parent undertaking is a client of its management company or investment firm or has holding in the assets managed by the management company or investment firm, there is a clear written mandate for an arms-length customer relationship between the parent undertaking and the management company or investment firm.
The requirement in point (a) shall imply as a minimum that the parent undertaking and the management company or investment firm must established written policies and procedures reasonably designed to prevent the distribution of information between the parent undertaking and the management company or investment firm in relation to the exercise of voting rights.
‘Indirect instruction’ means any general or particular instruction, regardless of the form, given by the parent undertaking, or another controlled undertaking of the parent undertaking, that limits the discretion of the management company or investment firm in relation to the exercise of the voting rights in order to serve specific business interests of the parent undertaking or another controlled undertaking of the parent undertaking.
Article 11
Types of financial instruments that result in an entitlement to acquire, on the holder’s own initiative alone, shares to which voting rights are attached
(Article 13(1) of Directive 2004/109/EC)
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The notification required under Article 13(1) of Directive 2004/109/EC shall include the following information:
the resulting situation in terms of voting rights;
if applicable, the chain of controlled undertakings through which financial instruments are effectively held;
the date on which the threshold was reached or crossed;
for instruments with an exercise period, an indication of the date or time period where shares will or can be acquired, if applicable;
date of maturity or expiration of the instrument;
identity of the holder;
name of the underlying issuer.
For the purposes of point (a), the percentage of voting rights shall be calculated by reference to the total number of voting rights and capital as last disclosed by the issuer under Article 15 of Directive 2004/109/EC.
If a financial instrument relates to more than one underlying share, a separate notification shall be made to each issuer of the underlying shares.
Article 12
Minimum Standards
(Article 21(1) of Directive 2004/109/EC)
However, in the case of the reports and statements referred to in Articles 4, 5 and 6 of Directive 2004/109/EC, this requirement shall be deemed fulfilled if the announcement relating to the regulated information is communicated to the media and indicates on which website, in addition to the officially appointed mechanism for the central storage of regulated information referred to in Article 21 of that Directive, the relevant documents are available.
Security of receipt shall be ensured by remedying as soon as possible any failure or disruption in the communication of regulated information.
The issuer or the person who has applied for admission to trading on a regulated market without the issuer's consent shall not be responsible for systemic errors or shortcomings in the media to which the regulated information has been communicated.
Upon request, the issuer or the person who has applied for admission to trading on a regulated market without the issuer's consent shall be able to communicate to the competent authority, in relation to any disclosure of regulated information, the following:
the name of the person who communicated the information to the media;
the security validation details;
the time and date on which the information was communicated to the media;
the medium in which the information was communicated;
if applicable, details of any embargo placed by the issuer on the regulated information.
Article 13
Requirements equivalent to Article 4(2)(b) of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Article 4(2)(b) of Directive 2004/109/EC where, under the law of that country, the annual management report is required to include at least the following information:
a fair review of the development and performance of the issuer’s business and of its position, together with a description of the principal risks and uncertainties that it faces, such that the review presents a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business;
an indication of any important events that have occurred since the end of the financial year;
indications of the issuer’s likely future development.
The analysis referred to in point (a) shall, to the extent necessary for an understanding of the issuer’s development, performance or position, include both financial and, where appropriate, non-financial key performance indicators relevant to the particular business.
Article 14
Requirements equivalent to Article 5(4) of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Article 5(4) of Directive 2004/109/EC where, under the law of that country, a condensed set of financial statements is required in addition to the interim management report, and the interim management report is required to include at least the following information:
review of the period covered;
indications of the issuer’s likely future development for the remaining six months of the financial year;
for issuers of shares and if already not disclosed on an ongoing basis, major related parties transactions.
Article 15
Requirements equivalent to Articles 4(2) and 5(2)(c) of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Articles 4(2)(c) and 5(2)(c) of Directive 2004/109/EC where, under the law of that country, a person or persons within the issuer are responsible for the annual and half-yearly financial information, and in particular for the following:
the compliance of the financial statements with the applicable reporting framework or set of accounting standards;
the fairness of the management review included in the management report.
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Article 17
Requirements equivalent to Article 4(3) of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in the first subparagraph of Article 4(3) of Directive 2004/109/EC where, under the law of that country, the provision of individual accounts by the parent company is not required but the issuer whose registered office is in that third country is required, in preparing consolidated accounts, to include the following information:
for issuers of shares, dividends computation and ability to pay dividends;
for all issuers, where applicable, minimum capital and equity requirements and liquidity issues.
For the purposes of equivalence, the issuer must also be able to provide the competent authority of the home Member State with additional audited disclosures giving information on the individual accounts of the issuer as a standalone, relevant to the elements of information referred to under points (a) and (b). Those disclosures may be prepared under the accounting standards of the third country.
Article 18
Requirements equivalent to Article 4(3), second subparagraph, of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in the second subparagraph of Article 4(3) of Directive 2004/109/EC in relation to individual accounts where, under the law of a third country, an issuer whose registered office is in that third country is not required to prepare consolidated accounts but is required to prepare its individual accounts in accordance with international accounting standards recognised pursuant to Article 3 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council ( 7 ) as applicable within the Community or with third country national accounting standards equivalent to those standards.
For the purposes of equivalence, if such financial information is not in line with those standards, it must be presented in the form of restated financial statements.
In addition, the individual accounts must be audited independently.
Article 19
Requirements equivalent to Article 12(6) of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Article 12(6) of Directive 2004/109/EC where, under the law of that country, the time period within which an issuer whose registered office is in that third country must be notified of major holdings and within which it must disclose to the public those major holdings is in total equal to or shorter than seven trading days.
The time frames for the notification to the issuer and for the subsequent disclosure to the public by the issuer may be different from those set out in Articles 12(2) and 12(6) of Directive 2004/109/EC.
Article 20
Requirements equivalent to Article 14 of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Article 14 of Directive 2004/109/EC where, under the law of that country, an issuer whose registered office is in that third country is required to comply with the following conditions:
in the case of an issuer allowed to hold up to a maximum of 5 % of its own shares to which voting rights are attached, it must make a notification whenever that threshold is reached or crossed;
in the case of an issuer allowed to hold up to a maximum of between 5 % and 10 % of its own shares to which voting rights are attached, it must make a notification whenever a 5 % threshold or that maximum threshold is reached or crossed;
in the case of an issuer allowed to hold more than 10 % of its own shares to which voting rights are attached, it must make a notification whenever the 5 % threshold or the 10 % threshold is reached or crossed.
For the purposes of equivalence, notification above the 10 % threshold need not be required.
Article 21
Requirements equivalent to Article 15 of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Article 15 of Directive 2004/109/EC where, under the law of that country, an issuer whose registered office is in that third country is required to disclose to the public the total number of voting rights and capital within 30 calendar days after an increase or decrease of such total number has occurred.
Article 22
Requirements equivalent to Articles 17(2)(a) and 18(2)(a) of Directive 2004/109/EC
(Article 23(1) of Directive 2004/109/EC)
A third country shall be deemed to set requirements equivalent to those set out in Article 17(2)(a) and 18(2)(a) of Directive 2004/109/EC, as far as the content of the information about meetings is concerned, where, under the law of that country, an issuer whose registered office is in that third country is required to provide at least information on the place, time and agenda of meetings.
Article 23
Equivalence in relation to the test of independence for parent undertakings of management companies and investment firms
(Article 23(6) of Directive 2004/109/EC)
A third country shall be deemed to set conditions of independence equivalent to those set out in Article 12(4) and (5) of that Directive where, under the law of that country, a management company or investment firm as referred to in Article 23(6) of Directive 2004/109/EC is required to meet the following conditions:
the management company or investment firm must be free in all situations to exercise, independently of its parent undertaking, the voting rights attached to the assets it manages;
the management company or investment firm must disregard the interests of the parent undertaking or of any other controlled undertaking of the parent undertaking whenever conflicts of interest arise.
In addition, it shall make a statement that, in the case of each management company or investment firm concerned, the parent undertaking complies with the conditions laid down in paragraph 1 of this Article.
Article 24
Transposition
When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
Article 25
This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
Article 26
This Directive is addressed to the Member States.
( 1 ) OJ L 390, 31.12.2004, p. 38.
( 2 ) CESR was established by Commission Decision 2001/527/EC of 6 June 2001 (OJ L 191, 13.7.2001, p. 43).
( 3 ) OJ L 222, 14.8.1978, p. 11. Directive as last amended by Directive 2006/46/EC of the European Parliament and of the Council (OJ L 224, 16.8.2006, p. 1).
( 4 ) OJ L 375, 31.12.1985, p. 3, Directive as last amended by Directive 2005/1/EC of the European Parliament and of the Council (OJ L 79, 24.3.2005, p. 9).
( 5 ) OJ L 145, 30.4.2004, p. 1. Directive as amended by Directive 2006/31/EC (OJ L 114, 27.4.2006, p. 60).
( 6 ) OJ L 149, 30.4.2004, p. 1, as corrected by OJ L 215, 16.6.2004, p. 3. Regulation as amended by Regulation (EC) No 1787/2006 (OJ L 337, 5.12.2006, p. 17).
( 7 ) OJ L 243, 11.9.2002, p. 1.