EC calls for Europe-wide company news repository

EC calls for Europe-wide company news repository

The European Commission is calling on member states to improve transparency of company information by establishing an electronic network interconnecting the national repositories that store financial data on listed companies.

The implementation of a Europe-wide electronic respoitory of data will facilitate investors' access to information, says the EC. The long term goal would be to provide a one-stop-shop for investors (and other interested parties) for regulated financial information on listed companies.

The Commission's directive on transparency obligations of listed companies requires that regulated financial information remains available to market participants at central depositories appointed nationally by member states.

"Transparency of company information must be made easier and simpler," says EC internal market and services commissioner Charlie McCreevy. "Investors need easy electronic access, through a single gateway, to financial information on listed companies across the EU."

The Commmission says the Committee of European Securities Regulators (CESR) will play an important in launching the electronic network.

The EC will monitor the implementation of this recommendation and assess the need for further measures.

Read more about the EC's recommendations here:» Download the document now 63.6 kb (PDF File)

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