August 2010

LSEG Response to the European Commission's Consultation Paper on the Modernisation of the Transparency Directive 

The London Stock Exchange Group has provided a response to the European Commission's Consultation Paper on the Modernisation of the Transparency Directive. Our response is summarised below:

• We do not support the idea of having a differentiated regime for SMEs within a regulated market
• We believe a better approach is to fully examine the issues faced by SMEs, and to address these through a separate and distinct regulatory framework for growth markets
• Cash-settled derivatives (CSDs) should be included within the Transparency Directive
• There are clear benefits of having a uniform EU regime for issuers' disclosures. However, we would not support an approach which sets thresholds at a level that results in transparency below that which currently exists in the UK

Downloads
LSEG Response to the European Commission's Consultation Paper on the Modernisation of the Transparency Directive (file pdf - 57 KB)