The purpose of the Transparency Directive is to harmonise ongoing and periodic minimum disclosure requirements for issuers whose securities are admitted to trading on a regulated market situated or operating within a Member State, and for holders of such securities, in order to improve investor protection throughout the European Union.
Related documents:
11 February 2022
ICMA response to European Commission targeted consultation on the Listing Act
(Transparency Directive and Listing Directive aspects at pp. 51-53)
23 December 2016
ICMA response to FCA Quarterly Consultation No.15 (CP 16/39) on proposed changes to the requirements in the FCA’s Disclosure Guidance and Transparency Rules relating to Legal Entity Identifiers
23 August 2010
ICMA response to the European Commission consultation on the modernisation of the Transparency Directive
28 August 2009
Joint ICMA / SIFMA response to IOSCO Consultation Report on Principles for Periodic Disclosure by Listed Entities
7 December 2009
ICMA response to CESR's call for evidence on 'The Use of a Standard Reporting Format for Fiancial Reporting of Issuers Having Securities Admitted to Trading on Regulated Markets
16 October 2008
Joint ICMA / SIFMA Response to HM Treasury Consultation on Extension of the Statutory Regime for Issuer Liability July 2008
12 February 2008
Joint SIFMA / ICMA Response to the FSA Consultation Paper on Disclosure of Contracts for Difference (CP07/20)
14 September 2007
ICMA-SIFMA Response to CESR call for evidence on Transparency Directive
27 April, 2007
ICMA Response to the Davies Review of Issuer Liability
2 April 2007
ICMA Response to European Commission Working Document on Information Storage
6 September 2006
ICMA comments on the draft directive implementing the Transparency Directive
23 June 2006
ICMA response to the UK FSA's consultation on implementation of the Transparency Directive in the UK
30 March 2006
ICMA Response to CESR Consultation 06_25 re Storage of Regulated Information
17 January 2006
ICMA response to Working Document on implementing measures for the Transparency Directive (2004/109/EC)
27 May 2005
IPMA Response to CESR's revised Technical Advice on Possible Implementing Measures of the Transparency Directive Released April 27, 2005
28 January 2005
IPMA Response to CESR's draft advice on Possible Implementing Measures of the Transparency Directive
4 December 2003
Further Urgent Notice to Issuers
22 May 2003
Publication by Freshfields Bruckhaus Deringer on the Transparency Directive
1 March 2003
Proposal for Transparency Directive
5 July 2002
IPMA Letter to EC Commission on Transparency Obligations
5 July 2002
Transparency Consultation Report
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Welcome to the International Capital Market Association
For over 50 years ICMA and its members have worked together to promote the development of the international capital and securities markets, pioneering the rules, principles and recommendations which have laid the foundations for their successful operation.
A global community for the capital markets
ICMA has over 620 members located in 70 jurisdictions drawn from both the sell and buy-side of the market.
ICMA engages with its global membership on market practice and regulatory policy issues through its expert forums.
Here are the key sections covering our work programmes, including contact details of ICMA staff responsible for each area.
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Primary Markets
- ICMA Primary Market Handbook - Home
- Primary Market Committees ‣
-
Primary Market Topics
‣
- Accounting and Auditing
- Benchmark Reform and Transition to Risk-Free Rates
- MiFID II/R in Primary Markets
- Primary Markets Conduct (non-MiFID)
- Electronification
- Primary Markets Technology Mapping Directory
- Dialogue with Investors
- Prospectuses
- PRIIPs KIDs
- Retail Access to Bond Markets
- Market Infrastructure and Asset Servicing
- Market Abuse Regulation (MAR) - Primary Market Aspects
- Periodic Reporting / Continuing Obligations
- Taxation (Primary Markets)
- Other ICMA Primary Market Advocacy Materials
- Primary Market Products ‣
-
Secondary Markets
- ICMA’s Rules and Recommendations for the Secondary Market ‣
- Secondary Market Practices Committee (SMPC) and related Working Groups ‣
- Central Bank Corporate Bond Purchase Programmes
- Electronic Trading ‣
- “T+1” – the shortening of standard settlement cycles
- Market Transparency ‣
- Market Data ‣
- Market Liquidity ‣
- Secondary Markets Regulation ‣
- Euro Safe Assets
- Archive
-
Repo and Collateral Markets
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Legal Documentation
‣
- Global Master Repurchase Agreement (GMRA)
- ICMA GMRA Legal Opinions
- ICMA GMRA Clause Library and Taxonomy
- Master Regulatory Reporting Agreement (MRRA)
- Resolution Stays
- ICMA FAQs in relation to the GMRA and market turbulence
- 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised) Adhering Parties
- Repo and Collateral Council and related groups ‣
- ICMA ERCC Publications ‣
- “T+1” – the shortening of standard settlement cycles
- Market Data ‣
- Regulation ‣
- FinTech ‣
- Repo and Sustainability
- Other Resources ‣
-
Legal Documentation
‣
ICMA serves as Secretariat to the GBP, the SBP, the SBG and the SLBP, providing support while advising on governance and other issues.
ICMA also leads numerous other initiatives in sustainable finance. ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and in the dialogue with the regulatory and policy community.
ICMA seeks to mainstream relevant FinTech developments and market electronification through all of its initiatives, activities and fora.
FinTech and market electronification are addressed through ICMA’s various committees, working groups and work streams as well as through bilateral discussions with member firms and technology providers.
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