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Vote suspension rules of Transparency Directive amendments come into force

The amended Transparency Directive (TD), which entered into force on 26 November 2015 across the EU brings major new powers to the FCA. One of the key changes is that the FCA can apply to court for a voting rights suspension order against a “vote holder” of shares in a company which are admitted to trading on a regulated market where that vote holder has breached the significant shareholder notification regime. Respondents to the FCA’s consultation suggested this new power should only apply in respect of the most serious breaches of the rules.

The TD creates a common basis for disclosure and dissemination of regulated information to EU markets on a regular and on-going basis. A briefing has been issued by European Securities and Markets Authority (ESMA) to ensure proper implementation across all member states. In the UK the directive has been adopted through amendments to the Financial Services and Markets Act which introduced new Transparency Regulations and through changes to the Financial Conduct Authority’s Disclosure and Transparency Rules.


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