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.
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.
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 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:
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.