Reporting Obligations (Transparency)

Reporting Obligations (Transparency)

In the interest of providing transparency for the investor community, all companies listed on NYSE Euronext European Regulated Markets and on the NYSE Alternext markets are obliged to report their price-sensitive information in full. All companies must further comply with the E.U. Transparency Directive (as implemented by each Member State), which sets out requirements for financial reporting. A company’s reporting obligations will notably depend on the market on which it is listed.

E.U. Transparency Directive

The Transparency Directive is designed to enhance the transparency of E.U. regulated capital markets by providing publicly-listed issuers a uniform set of rules regarding periodic financial reporting and establishing minimum requirements for the disclosure of major shareholdings.

All issuers who have admitted securities to listing/trading on a NYSE Euronext European Regulated Market fall under the scope of the Transparency Directive.

The Directive was published in the Official Journal of the European Union on 31 December 2004 and came into effect on 20 January 2005. The implementation deadline for the Directive was 20 January 2007.

Key provisions:

  • Financial information: issuers of securities admitted to trading on a regulated market are required to disclose annual and half-yearly financial reports as well as interim financial statements or quarterly financial reports.
  • Disclosure of major shareholders’ transactions: When an individual shareholder’s stake in a particular security reaches, exceeds or drops below certain thresholds  the shareholder must notably notify the issuer and the relevant national regulator
  • Dissemination and storage of regulated information (under the meaning of the Transparency Directive and its implementation in the national laws): issuers are required to disseminate regulatory information in a fast, non-discriminatory manner on a pan-European basis.  All regulated information must also be stored securely by the issuer and easily accessible. It has moreover to be posted on the issuer website and via the concerned Official Appointed Mechanism (OAM).
  • Minimum harmonization: the Directive grants Member States the right to impose additional reporting requirements on issuers.

For more information on the EU Transparency Directive, please visit the European Commission's website.

You are also further invited to refer to applicable national laws and regulation on the subject. 

NYSE Alternext

NYSE Alternext is an exchange-regulated market with a lighter regulatory regime than the NYSE Euronext European Regulated Markets. NYSE Alternext is not a Regulated Market, as defined by the Markets in Financial Instruments Directive of 21 April 2004. It is a multilateral trading facility (MTF) regulated by NYSE Euronext through a body of rules applicable to intermediaries and listed companies.

Issuers are required to:

  • use the services of a listing sponsor throughout their listed life
  • publish annual audited and unaudited semi-annual reports within four months of the period close
  • publish all price-sensitive information immediately
  • publish any breaches of the 50% and 95% ownership thresholds
  • report directors’ dealings

While the Transparency Directive applies to regulated markets, so-called 'organized' MTFs have been extended a similar, albeit lighter, disclosure regime. On this basis, disclosure obligations exist on the various NYSE Alternext markets in accordance with their respective market rules and national laws.