Information and transparency are essential elements for the adequate operation of securities markets and fundamental to their development and consolidation.
Acutely aware of this, European legislators, in the context of the European Union (EU) Financial Services Action Plan approved by the European Commission in 1999, adopted 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. As established in the Directive, efficient, transparent and integrated securities markets contribute to a genuine single market in the Community and foster growth and job creation by better allocation of capital and by reducing costs. The disclosure of accurate, comprehensive and timely information about security issuers builds sustained investor confidence and allows informed assessment of their business performance and assets and, ultimately, this enhances both investor protection and market efficiency.
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