FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

201 Transparency Directive Directive 2004/109/EC harmonises ongoing and periodic disclosure requirements for companies listed on regulated European markets, providing in particular for: n more detailed annual and half-yearly financial reports including a statement by management; n enhanced information on the interests of major shareholders; n more widespread (across the EU) and faster publication of information to allow investors non-discriminatory access to information in good time. These provisions were transposed into French law by the “Breton” Law and have been applicable since January 20, 2007. The revised Transparency Directive (2013/50/EU) came into force at the end of 2015. Universal registration document (URD) An optional annual summary established by PD3, designed to replace the current French registration document with effect from July 21, 2019, and to be extended to all European companies subject to certain thresholds. The Commission Delegated Regulation of March 14, 2019 specifies what information is to be included in the URD.