The Transparency Law*, which is the implementing act for disclosure and dissemination of regulated information by issuers whose securities are admitted to trading on a regulated market and whose home Member State within the meaning of the Transparency Directive** is Luxembourg, has been amended by way of the Law of 21 April 2016 implementing, among others, Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 (the “Transparency Amendment Directive”)***.
The Law of 21 April 2016 will come into force on 25 April 2016.
The Transparency Law is not only relevant for issuers of listed securities but, depending on their type of investment, certain provisions of the Transparency Law are also relevant for investors in such issuers.
The main purpose of the Transparency Amendment Directive was to improve the prior regime that had been created by the Transparency Directive, in particular to make regulated markets more attractive to small and medium-sized issuers and to increase the transparency of the ownership as well as the prices of listed shares.
The key changes, including most notably the abolition of the obligation to publish quarterly financial information, the extension of the deadline for the publication of half-yearly financial reports, as well as the widened scope of major holding notifications with respect to so-called specific financial instruments including new aggregation rules, are summarised here.
* Law of 11 January 2008 on transparency requirements for issuers of securities, as amended.
** Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC.
*** The Transparency Amendment Directive was due to be implemented by 26 November 2015.