Transparency Directive becomes Belgian law!

The requirements of the Transparency Directive (Directive 2004/109/EG or “the Directive”) are now applicable as they have been incorporated into Belgian law by Royal Decree of 14 November 2007 which generally applies to issuers whose securities are admitted for trading on a regulated market.

For companies within its scope, the proposals contained in the Transparency Directive, as now incorporated into Belgian law, significantly change the timing and extent of publication requirements!

Directors and members of the Audit Committee should arrange for these changes to be timely implemented while indicating also the responsible persons for the public representations to be made in respect of the annual and half-year financial information!

The respective Royal Decree can be found in English, Dutch and French in the Listed Companies – Information section at the web site of the Banking Finance and Insurance Commission (BFIC) www.cbfa.be together with a BFIC updated circular letter FMI 2007-02 on obligations of securities issuers which is available in Dutch and French.

The main elements of the Transparency Directive together with a summarizing table reflecting the principle changes have been included as from page 14 in our fourth ACI Quarterly newsletter already which can be accessed by double-clicking ACI Quarterly 04.