OJ C 116, 20.4.2001, p. 69.

Opinion of the European Parliament of 14 March 2001 (not yet published in the Official Journal) and Council Decision of 7 May 2001.

OJ L 66, 16.3.1979, p. 21. Directive as last amended by Directive 88/627/EEC (OJ L 348, 17.12.1988, p. 62).

OJ L 100, 17.4.1980, p. 1. Directive as last amended by European Parliament and Council Directive 94/18/EC (OJ L 135, 31.5.1994, p. 1).

OJ L 48, 20.2.1982, p. 26.

OJ L 348, 17.12.1988, p. 62.

OJ L 124, 5.5.1989, p. 8.

OJ L 222, 14.8.1978, p. 11. Directive as last amended by Directive 1999/60/EC (OJ L 162, 26.6.1999, p. 65).

Substituted by Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse).

Deleted by Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Text with EEA relevance).

Deleted by 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 and amending Directive 2001/34/EC.

Deleted by Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (Text with EEA relevance).

http://www.legislation.gov.uk/eudr/2001/34/contentsDirective 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities TABLE OF CONTENTS RECITALSTITLE I: DEFINITIONS AND SCOPE OF APPLICATIONChapter I: DefinitionsArticle 1Chapter II: Scope of applicationArticle 2Article 3Article 4TITLE II: GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIESChapter I: General conditions for admissionArticle 5Article 6Article 7Chapter II: More stringent or additional conditions and obligationsArticle 8Chapter III: DerogationsArticle 9Article 10Chapter IV: Powers of the national competent authoritiesSection 1: Decision of admissionArticle 11Article 12Article 13Article 14Article 15Section 2: Information requested by the competent authoritiesArticle 16Section 3: Actions against an issuer failing to comply to the obligations resulting from admissionArticle 17Section 4: Suspension and discontinuanceArticle 18Section 5: Right to apply to the courts in case of refusal of admission or discontinuanceArticle 19TITLE III: PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTING OF SECURITIESChapter I: Publication of listing particulars for admissionSection 1: General provisionsArticle 20Article 21Article 22Section 2: Partial or complete exemption from the obligation to publish listing particularsArticle 23Section 3: Permitted omission from the listing particulars of certain informationArticle 24Section 4: Contents of the listing of particulars in certain specific casesArticle 25Article 26Article 27Article 28Article 29Article 30Article 31Article 32Article 33Article 34Section 5: Control and circulation of listing particularsArticle 35Article 36Section 6: Determination of the competent authorityArticle 37Section 7: Mutual recognitionArticle 38Article 39Article 40Section 8: Negotiations with non-member countriesArticle 41Chapter II: Particular conditions for the admission of sharesSection 1: Conditions relating to companies for the shares of which admission to official listing is soughtArticle 42Article 43Article 44Section 2: Conditions relating to the shares for which admission is soughtArticle 45Article 46Article 47Article 48Article 49Article 50Article 51Chapter III: Particular conditions relating to the admission to the official listing of debt securities issued by an undertakingSection 1: Conditions relating to undertakings for the debt securities of which admission to official listing is soughtArticle 52Section 2: Conditions relating to the debt securities for which admission to official listing is soughtArticle 53Article 54Article 55Article 56Article 57Section 3: Other conditionsArticle 58Article 59Chapter IV: Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international bodyArticle 60Article 61Article 62Article 63TITLE IV: ONGOING OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTINGChapter I: Obligations of companies whose shares are admitted to official listingSection 1: Listing of newly issued shares of the same classArticle 64Section 2: Treatment of shareholdersArticle 65Section 3: Amendment of the instrument of incorporation or the statutesArticle 66Section 4: Annual accounts and annual reportArticle 67Section 5: Additional informationArticle 68Section 6: Equivalence of informationArticle 69Section 7: Periodical information to be publishedArticle 70Article 71Section 8: Publication and contents of the half-yearly reportArticle 72Article 73Article 74Article 75Article 76Article 77Chapter II: Obligation of issuers whose debt securities are admitted to official listingSection 1: Debt securities issued by an undertakingArticle 78Article 79Article 80Article 81Article 82Section 2: Debt securities issued by a State or its regional or local authorities or by a public international bodyArticle 83Article 84Chapter III: Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed ofSection 1: General provisionsArticle 85Article 86Article 87Article 88Section 2: Information when a major holding is acquired or disposed ofArticle 89Article 90Article 91Section 3: Determination of the voting rightsArticle 92Section 4: ExemptionsArticle 93Article 94Article 95Section 5: Competent authoritiesArticle 96Section 6: SanctionsArticle 97TITLE V: PUBLICATION AND COMMUNICATION OF THE INFORMATIONChapter I: Publication and communication of listing particulars for the admission of securities to the official stock exchange listingSection 1: Procedures and period of publication of listing particulars and their supplementsArticle 98Article 99Article 100Section 2: Prior communication to the competent authorities of the means of publicationArticle 101Chapter II: Publication and communication of information after listingArticle 102Chapter III: LanguagesArticle 103Article 104TITLE VI: COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATESArticle 105Article 106Article 107TITLE VII: CONTACT COMMITTEEChapter 1: Composition, working and tasks of the CommitteeArticle 108Chapter II: Adaptation of the amount of equity market capitalisationArticle 109TITLE VIII: FINAL PROVISIONSArticle 110Article 111Article 112Article 113Annex I — Schedule of listing particulars for the admission of securities to the official stock exchange listingAnnex II — Part A: Repealed Directives and their successive amendmentsAnnex II — Part B: Deadlines for transposition into national lawAnnex III — Correlation tableDirective 2001/34/EC of the European Parliament and of the CouncilDirective 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities TABLE OF CONTENTS RECITALSTITLE I: DEFINITIONS AND SCOPE OF APPLICATIONChapter I: DefinitionsArticle 1Chapter II: Scope of applicationArticle 2Article 3Article 4TITLE II: GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIESChapter I: General conditions for admissionArticle 5Article 6Article 7Chapter II: More stringent or additional conditions and obligationsArticle 8Chapter III: DerogationsArticle 9Article 10Chapter IV: Powers of the national competent authoritiesSection 1: Decision of admissionArticle 11Article 12Article 13Article 14Article 15Section 2: Information requested by the competent authoritiesArticle 16Section 3: Actions against an issuer failing to comply to the obligations resulting from admissionArticle 17Section 4: Suspension and discontinuanceArticle 18Section 5: Right to apply to the courts in case of refusal of admission or discontinuanceArticle 19TITLE III: PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTING OF SECURITIESChapter I: Publication of listing particulars for admissionSection 1: General provisionsArticle 20Article 21Article 22Section 2: Partial or complete exemption from the obligation to publish listing particularsArticle 23Section 3: Permitted omission from the listing particulars of certain informationArticle 24Section 4: Contents of the listing of particulars in certain specific casesArticle 25Article 26Article 27Article 28Article 29Article 30Article 31Article 32Article 33Article 34Section 5: Control and circulation of listing particularsArticle 35Article 36Section 6: Determination of the competent authorityArticle 37Section 7: Mutual recognitionArticle 38Article 39Article 40Section 8: Negotiations with non-member countriesArticle 41Chapter II: Particular conditions for the admission of sharesSection 1: Conditions relating to companies for the shares of which admission to official listing is soughtArticle 42Article 43Article 44Section 2: Conditions relating to the shares for which admission is soughtArticle 45Article 46Article 47Article 48Article 49Article 50Article 51Chapter III: Particular conditions relating to the admission to the official listing of debt securities issued by an undertakingSection 1: Conditions relating to undertakings for the debt securities of which admission to official listing is soughtArticle 52Section 2: Conditions relating to the debt securities for which admission to official listing is soughtArticle 53Article 54Article 55Article 56Article 57Section 3: Other conditionsArticle 58Article 59Chapter IV: Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international bodyArticle 60Article 61Article 62Article 63TITLE IV: ONGOING OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTINGChapter I: Obligations of companies whose shares are admitted to official listingSection 1: Listing of newly issued shares of the same classArticle 64Section 2: Treatment of shareholdersArticle 65Section 3: Amendment of the instrument of incorporation or the statutesArticle 66Section 4: Annual accounts and annual reportArticle 67Section 5: Additional informationArticle 68Section 6: Equivalence of informationArticle 69Section 7: Periodical information to be publishedArticle 70Article 71Section 8: Publication and contents of the half-yearly reportArticle 72Article 73Article 74Article 75Article 76Article 77Chapter II: Obligation of issuers whose debt securities are admitted to official listingSection 1: Debt securities issued by an undertakingArticle 78Article 79Article 80Article 81Article 82Section 2: Debt securities issued by a State or its regional or local authorities or by a public international bodyArticle 83Article 84Chapter III: Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed ofSection 1: General provisionsArticle 85Article 86Article 87Article 88Section 2: Information when a major holding is acquired or disposed ofArticle 89Article 90Article 91Section 3: Determination of the voting rightsArticle 92Section 4: ExemptionsArticle 93Article 94Article 95Section 5: Competent authoritiesArticle 96Section 6: SanctionsArticle 97TITLE V: PUBLICATION AND COMMUNICATION OF THE INFORMATIONChapter I: Publication and communication of listing particulars for the admission of securities to the official stock exchange listingSection 1: Procedures and period of publication of listing particulars and their supplementsArticle 98Article 99Article 100Section 2: Prior communication to the competent authorities of the means of publicationArticle 101Chapter II: Publication and communication of information after listingArticle 102Chapter III: LanguagesArticle 103Article 104TITLE VI: COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATESArticle 105Article 106Article 107TITLE VII: CONTACT COMMITTEEChapter 1: Composition, working and tasks of the CommitteeArticle 108Chapter II: Adaptation of the amount of equity market capitalisationArticle 109TITLE VIII: FINAL PROVISIONSArticle 110Article 111Article 112Article 113Annex I — Schedule of listing particulars for the admission of securities to the official stock exchange listingAnnex II — Part A: Repealed Directives and their successive amendmentsAnnex II — Part B: Deadlines for transposition into national lawAnnex III — Correlation table2020-12-12King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02001L0034-20070120texttext/xmlen2007-01-20TITLE IDEFINITIONS AND SCOPE OF APPLICATIONCHAPTER IDefinitionsArticle 1For the purposes of this Directive: ‘issuers’ shall mean companies...CHAPTER IIScope of applicationArticle 2(1) Articles 5 to 19, 42 to 69, and 78...Article 3. . . . . . . . . ....Article 4. . . . . . . . . ....TITLE IIGENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIESCHAPTER IGeneral conditions for admissionArticle 5Member States shall ensure that: securities may not be admitted...Article 6(1) The admission of securities to official listing shall be...Article 7Member States may not make the admission to official listing...CHAPTER IIMore stringent or additional conditions and obligationsArticle 8(1) Subject to the prohibitions provided for in Article 7...CHAPTER IIIDerogationsArticle 9Any derogations from the conditions for the admission of securities...Article 10Member States may decide not to apply the conditions set...CHAPTER IVPowers of the national competent authoritiesSection 1Decision of admissionArticle 11(1) The competent authorities referred to in Article 105 shall...Article 12By way of derogation from Article 8, Member States may,...Article 13(1) Where applications are to be made simultaneously or within...Article 14The competent authorities may refuse to admit to official listing...Article 15Where an application for admission to official listing relates to...Section 2Information requested by the competent authoritiesArticle 16(1) An issuer whose securities are admitted to official listing...Section 3Action against an issuer failing to comply with the obligations resulting from admissionArticle 17Without prejudice to any other action or penalties which they...Section 4Suspension and discontinuanceArticle 18(1) The competent authorities may decide to suspend the listing...Section 5Right to apply to the courts in case of refusal of admission or discontinuanceArticle 19(1) Member States shall ensure decisions of the competent authorities...TITLE IIIPARTICULAR CONDITIONS RELATING TO OFFICIAL LISTINGS OF SECURITIESCHAPTER IPublication of listing particulars for admissionSection 1General provisionsArticle 20. . . . . . . . . ....Article 21. . . . . . . . . ....Article 22. . . . . . . . . ....Section 2Partial or complete exemption from the obligation to publish listing particularsArticle 23. . . . . . . . . ....Section 3Permitted omission from listing particulars of certain informationArticle 24. . . . . . . . . ....Section 4Contents of listing of particulars in specific casesArticle 25. . . . . . . . . ....Article 26. . . . . . . . . ....Article 27. . . . . . . . . ....Article 28. . . . . . . . . ....Article 29. . . . . . . . . ....Article 30. . . . . . . . . ....Article 31. . . . . . . . . ....Article 32. . . . . . . . . ....Article 33. . . . . . . . . ....Article 34. . . . . . . . . ....Section 5Control and circulation of listing particularsArticle 35. . . . . . . . . ....Article 36. . . . . . . . . ....Section 6Determination of the competent authorityArticle 37. . . . . . . . . ....Section 7Mutual recognitionArticle 38. . . . . . . . . ....Article 39. . . . . . . . . ....Article 40. . . . . . . . . ....Section 8Agreements with non-member countriesArticle 41. . . . . . . . . ....CHAPTER IISpecific conditions for the admission of sharesSection 1Conditions relating to companies for the shares of which admission to official listing is soughtArticle 42The legal position of the company must be in conformity...Article 43(1) The foreseeable market capitalisation of the shares for which...Article 44A company must have published or filed its annual accounts...Section 2Conditions relating to the shares for which admission is soughtArticle 45The legal position of the shares must be in conformity...Article 46(1) The shares must be freely negotiable. Article 47Where public issue precedes admission to official listing, the first...Article 48(1) A sufficient number of shares must be distributed to...Article 49(1) The application for admission to official listing must cover...Article 50(1) For the admission to official listing of shares issued...Article 51If the shares issued by a company which is a...CHAPTER IIIParticular conditions relating to the admission to official listing of debt securities issued by an undertakingSection 1Conditions relating to undertakings for the debt securities of which admission to official listing is soughtArticle 52The legal position of the undertaking must be in conformity...Section 2Conditions relating to the debt securities for which admission to official listing is soughtArticle 53The legal position of the debt securities must be in...Article 54(1) The debt securities must be freely negotiable. Article 55Where public issue precedes admission to official listing, the first...Article 56The application for admission to official listing must cover all...Article 57(1) For the admission to official listing of debt securities...Section 3Other conditionsArticle 58(1) The amount of the loan may not be less...Article 59(1) Convertible or exchangeable debentures and debentures with warrants may...CHAPTER IVParticular conditions relating to the admission to official listing of Debt securities issued by a State, its regional or local authorities or a public international bodyArticle 60The debt securities must be freely negotiable. Article 61Where public issue precedes admission to official listing, the first...Article 62The application for admission to official listing must cover all...Article 63(1) For the admission to official listing of debt securities...TITLE IVOBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTINGCHAPTER IObligations of companies whose shares are admitted to official listingSection 1Listing of newly issued shares of the same classArticle 64Without prejudice to Article 49(2), in the case of a...Section 2Treatment of shareholdersArticle 65. . . . . . . . . ....Section 3Amendment of the instrument of incorporation or the statutesArticle 66. . . . . . . . . ....Section 4Annual accounts and annual reportArticle 67. . . . . . . . . ....Section 5Additional informationArticle 68. . . . . . . . . ....Section 6Equivalence of informationArticle 69. . . . . . . . . ....Section 7Periodical information to be publishedArticle 70. . . . . . . . . ....Article 71. . . . . . . . . ....Section 8Publication and contents of the half-yearly reportArticle 72. . . . . . . . . ....Article 73. . . . . . . . . ....Article 74. . . . . . . . . ....Article 75. . . . . . . . . ....Article 76. . . . . . . . . ....Article 77. . . . . . . . . ....CHAPTER IIObligation of issuers whose debt securities are admitted to official listingSection 1Debt securities issued by an undertakingArticle 78. . . . . . . . . ....Article 79. . . . . . . . . ....Article 80. . . . . . . . . ....Article 81. . . . . . . . . ....Article 82. . . . . . . . . ....Section 2Debt securities issued by a State or its regional or local authorities or by a public international bodyArticle 83. . . . . . . . . ....Article 84. . . . . . . . . ....CHAPTER IIIObligations relating to the information to be published when a major holding in a listed company is acquired or disposed ofSection 1General provisionsArticle 85. . . . . . . . . ....Article 86. . . . . . . . . ....Article 87. . . . . . . . . ....Article 88. . . . . . . . . ....Section 2Information when a major holding is acquired or disposed ofArticle 89. . . . . . . . . ....Article 90. . . . . . . . . ....Article 91. . . . . . . . . ....Section 3Determination of the voting rightsArticle 92. . . . . . . . . ....Section 4ExemptionsArticle 93. . . . . . . . . ....Article 94. . . . . . . . . ....Article 95. . . . . . . . . ....Section 5Competent authoritiesArticle 96. . . . . . . . . ....Section 6SanctionsArticle 97. . . . . . . . . ....TITLE VPUBLICATION AND COMMUNICATION OF THE INFORMATIONCHAPTER IPublication and communication of listing particulars for the admission of securities to the official stock exchange listingSection 1Procedures and period of publication of listing particulars and their supplementsArticle 98. . . . . . . . . ....Article 99. . . . . . . . . ....Article 100. . . . . . . . . ....Section 2Prior communication to the competent authorities of the means of publicationArticle 101. . . . . . . . . ....CHAPTER IIPublication and communication of information after listingArticle 102. . . . . . . . . ....CHAPTER IIILanguagesArticle 103. . . . . . . . . ....Article 104. . . . . . . . . ....TITLE VICOMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATESArticle 105(1) Member States shall ensure that this Directive is applied...Article 106The competent authorities shall cooperate whenever necessary for the purpose...Article 107(1) Member States shall provide that all persons employed or...TITLE VIICONTACT COMMITTEECHAPTER IComposition, working and tasks of the CommitteeArticle 108. . . . . . . . . ....CHAPTER IIAdaptation of the amount of equity market capitalisationArticle 109(1) For the purpose of adjusting, in the light of...TITLE VIIIFINAL PROVISIONSArticle 110The Member States shall communicate to the Commission the texts...Article 111(1) Directives 79/279/EEC, 80/390/EEC, 82/121/EEC and 88/627/EEC, as amended by...Article 112This Directive shall enter into force the twentieth day following...Article 113This Directive is addressed to the Member States. ANNEX I SCHEDULE OF LISTING PARTICULARS FOR THE ADMISSION OF SECURITIES TO THE OFFICIAL STOCK EXCHANGE LISTING SCHEDULE ALayout for listing particulars for the admission of shares to...Chapter 1Information concerning those responsible for listing particulars and the auditing...Chapter 2Information concerning admission to official listing and the shares for...Chapter 3General information about the issuer and its capital Chapter 4Information concerning the issuer's activities Chapter 5Information concerning the issuer's assets and liabilities, financial position and...Chapter 6Information concerning administration, management and supervision Chapter 7Information concerning the recent development and prospects of the issuer...SCHEDULE BLayout for listing particulars for the admission of debt securities...Chapter 1Information concerning those responsible for listing particulars and the auditing...Chapter 2Information concerning loans and the admission of debt securities to...Chapter 3General information about the issuer and its capital Chapter 4Information concerning the issuer's activities Chapter 5Information concerning the issuer's assets and liabilities, financial position and...Chapter 6Information concerning administration, management and supervision Chapter 7Information concerning the recent development and prospects of the issuer...SCHEDULE CLayout for listing particulars for the admission of certificates representing...Chapter 1General information about the issuer Chapter 2Information on the certificates themselves ANNEX IIPART AANNEX IIPART BANNEX IIICORRELATION TABLE

Directive 2001/34/EC of the European Parliament and of the Council

of 28 May 2001

on the admission of securities to official stock exchange listing and on information to be published on those securities

TABLE OF CONTENTSRECITALSTITLE I: DEFINITIONS AND SCOPE OF APPLICATIONChapter I: DefinitionsArticle 1Chapter II: Scope of applicationArticle 2Article 3Article 4TITLE II: GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIESChapter I: General conditions for admissionArticle 5Article 6Article 7Chapter II: More stringent or additional conditions and obligationsArticle 8Chapter III: DerogationsArticle 9Article 10Chapter IV: Powers of the national competent authoritiesSection 1: Decision of admissionArticle 11Article 12Article 13Article 14Article 15Section 2: Information requested by the competent authoritiesArticle 16Section 3: Actions against an issuer failing to comply to the obligations resulting from admissionArticle 17Section 4: Suspension and discontinuanceArticle 18Section 5: Right to apply to the courts in case of refusal of admission or discontinuanceArticle 19TITLE III: PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTING OF SECURITIESChapter I: Publication of listing particulars for admissionSection 1: General provisionsArticle 20Article 21Article 22Section 2: Partial or complete exemption from the obligation to publish listing particularsArticle 23Section 3: Permitted omission from the listing particulars of certain informationArticle 24Section 4: Contents of the listing of particulars in certain specific casesArticle 25Article 26Article 27Article 28Article 29Article 30Article 31Article 32Article 33Article 34Section 5: Control and circulation of listing particularsArticle 35Article 36Section 6: Determination of the competent authorityArticle 37Section 7: Mutual recognitionArticle 38Article 39Article 40Section 8: Negotiations with non-member countriesArticle 41Chapter II: Particular conditions for the admission of sharesSection 1: Conditions relating to companies for the shares of which admission to official listing is soughtArticle 42Article 43Article 44Section 2: Conditions relating to the shares for which admission is soughtArticle 45Article 46Article 47Article 48Article 49Article 50Article 51Chapter III: Particular conditions relating to the admission to the official listing of debt securities issued by an undertakingSection 1: Conditions relating to undertakings for the debt securities of which admission to official listing is soughtArticle 52Section 2: Conditions relating to the debt securities for which admission to official listing is soughtArticle 53Article 54Article 55Article 56Article 57Section 3: Other conditionsArticle 58Article 59Chapter IV: Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international bodyArticle 60Article 61Article 62Article 63TITLE IV: ONGOING OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTINGChapter I: Obligations of companies whose shares are admitted to official listingSection 1: Listing of newly issued shares of the same classArticle 64Section 2: Treatment of shareholdersArticle 65Section 3: Amendment of the instrument of incorporation or the statutesArticle 66Section 4: Annual accounts and annual reportArticle 67Section 5: Additional informationArticle 68Section 6: Equivalence of informationArticle 69Section 7: Periodical information to be publishedArticle 70Article 71Section 8: Publication and contents of the half-yearly reportArticle 72Article 73Article 74Article 75Article 76Article 77Chapter II: Obligation of issuers whose debt securities are admitted to official listingSection 1: Debt securities issued by an undertakingArticle 78Article 79Article 80Article 81Article 82Section 2: Debt securities issued by a State or its regional or local authorities or by a public international bodyArticle 83Article 84Chapter III: Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed ofSection 1: General provisionsArticle 85Article 86Article 87Article 88Section 2: Information when a major holding is acquired or disposed ofArticle 89Article 90Article 91Section 3: Determination of the voting rightsArticle 92Section 4: ExemptionsArticle 93Article 94Article 95Section 5: Competent authoritiesArticle 96Section 6: SanctionsArticle 97TITLE V: PUBLICATION AND COMMUNICATION OF THE INFORMATIONChapter I: Publication and communication of listing particulars for the admission of securities to the official stock exchange listingSection 1: Procedures and period of publication of listing particulars and their supplementsArticle 98Article 99Article 100Section 2: Prior communication to the competent authorities of the means of publicationArticle 101Chapter II: Publication and communication of information after listingArticle 102Chapter III: LanguagesArticle 103Article 104TITLE VI: COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATESArticle 105Article 106Article 107TITLE VII: CONTACT COMMITTEEChapter 1: Composition, working and tasks of the CommitteeArticle 108Chapter II: Adaptation of the amount of equity market capitalisationArticle 109TITLE VIII: FINAL PROVISIONSArticle 110Article 111Article 112Article 113Annex I — Schedule of listing particulars for the admission of securities to the official stock exchange listingAnnex II — Part A: Repealed Directives and their successive amendmentsAnnex II — Part B: Deadlines for transposition into national lawAnnex III — Correlation table

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Economic Community, and in particular Articles 44 and 95 thereof,

Having regard to the proposal from the Commission,

Having regard to the Opinion of the Economic and Social Committee,

Acting in accordance with the procedure laid down in Article 251 of the Treaty,

Whereas:

(1)

Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for the admission of securities to official stock exchange listing, Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock exchange listing, Council Directive 82/121/EEC of 15 February 1982 on information to be published on a regular basis by companies the shares of which have been admitted to official stock-exchange listing and Council Directive 88/627/EEC of 12 December1988 on the information to be published when a major holding in a listed company is acquired or disposed of have been substantially amended several times. In the interests of clarity and rationality, the said Directives should therefore be codified by grouping them together in a single text.

(2)

The coordination of the conditions for the admission of securities to official listing on stock exchanges situated or operating in the Member States is likely to provide equivalent protection for investors at Community level, because of the more uniform guarantees offered to investors in the various Member States, it will facilitate both the admission to official stock exchange listing, in each such State, of securities from other Member States and the listing of any given security on a number of stock exchanges in the Community; it will accordingly make for greater interpenetration of national securities markets by removing those obstacles that may prudently be removed and therefore contribute to the prospect of establishing a European capital market.

(3)

Such coordination must therefore apply to securities, independently of the legal status of their issuers, and must therefore also apply to securities issued by non-member States or their regional or local authorities or international public bodies; this Directive therefore covers entities not covered by the second paragraph of Article 48 of the Treaty.

(4)

There should be the possibility of a right to apply to the courts against decisions by the competent national authorities in respect of the application of this Directive, concerning the admission of securities to official listing, although such right to apply must not be allowed to restrict the discretion of these authorities.

(5)

Initially, this coordination of the conditions for admission of securities to official listing should be sufficiently flexible to enable account to be taken of present differences in the structures of securities markets in the Member States and to enable the Member States to take account of any specific situations with which they may be confronted.

(6)

For this reason, coordination should first be limited to the establishment of minimum conditions for the admission of securities to official listing on stock exchanges situated or operating in the Member States, without however giving issuers any right to listing.

(7)

This partial coordination of the conditions for admission to official listing constitutes a first step towards subsequent closer alignment of the rules of Member States in this field.

(8)

The market in which undertakings operate has been enlarged to embrace the whole Community and this enlargement involves a corresponding increase in their financial requirements and extension of the capital markets on which they must call to satisfy them; admission to official listing on stock exchanges of Member States of securities issued by undertakings constitutes an important means of access to these capital markets; furthermore exchange restrictions on the purchase of securities traded on the stock exchanges of another Member State have been eliminated as part of the liberalisation of capital movements.

(9)

Safeguards for the protection of the interests of actual and potential investors are required in most Member States of undertakings offering their securities to the public, either at the time of their offer or of their admission to official stock exchange listing; such safeguards require the provision of information which is sufficient and as objective as possible concerning the financial circumstances of the issuer and particulars of the securities for which admission to official listing is requested; the form under which this information is required usually consists of the publication of listing particulars.

(10)

The safeguards required differ from Member State to Member State, both as regards the contents and the layout of the listing particulars and the efficacy, methods and timing of the check on the information given therein; the effect of these differences is not only to make it more difficult for undertakings to obtain admission of securities to official listing on stock exchanges of several Member States but also to hinder the acquisition by investors residing in one Member State of securities listed on stock exchanges of other Member States and thus to inhibit the financing of the undertakings and investment throughout the Community.

(11)

These differences should be eliminated by coordinating the rules and regulations without necessarily making them completely uniform, in order to achieve an adequate degree of equivalence in the safeguards required in each Member State to ensure the provision of information which is sufficient and as objective as possible for actual or potential security holders.

(12)

Such coordination must apply to securities independently of the legal status of the issuing undertaking; this Directive applies to entities to which no reference is made in the second paragraph of Article 48 of the Treaty.

(13)

Mutual recognition of listing particulars to be published for the admission of securities to official listing represents an important step forward in the creation of the Community's internal market.

(14)

In this connection, it is necessary to specify which authorities are competent to check and approve listing particulars to be published for the admission of securities to official listing in the event of simultaneous applications for admission to official listing in two or more Member States.

(15)

Article 21 of Council Directive 89/298/EEC of 17 April 1989 coordinating the requirements for the drawing-up, scrutiny and distribution of the prospectus to be published when transferable securities are offered to the public provides that where public offers are made simultaneously or within short intervals of one another in two or more Member States, a public-offer prospectus drawn up and approved in accordance with Article 7, 8 or 12 of that Directive must be recognised as a public-offer prospectus in the other Member States concerned on the basis of mutual recognition.

(16)

It is also desirable to provide the recognition of a public-offer prospectus as listing particulars where admission to official stock-exchange listing is requested within a short period of the public offer.

(17)

The mutual recognition of a public-offer prospectus and admission to official listings does not in itself confer a right to admissions.

(18)

It is advisable to provide for the extension, by means of agreements to be concluded by the Community with non-member countries, of the recognition of listing particulars for admission to official listings from those countries on a reciprocal basis.

(19)

It seems appropriate to provide for the possibility for the Member State in which admission to official listing is sought in certain cases to grant partial or complete exemption from the obligation to publish listing particulars for admission to official listings to issuers the securities of which have already been admitted to official stock-exchange listing in another Member State.

(20)

Companies which have already been listed in the Community for some time and are of high quality and international standing are the most likely candidates for cross-border listing. Those companies are generally well known in most Member States: information concerning them is widely circulated and available.

(21)

The aim of this Directive is to ensure that sufficient information is provided for investors; therefore, when such a company seeks to have its securities admitted to listing in a host Member State, investors operating on the market in that country may be sufficiently protected by receiving only simplified information rather than full listing particulars.

(22)

Member States may find it useful to establish non-discriminatory minimum quantitative criteria, such as the current equity market capitalisation, which issuers must fulfil to be eligible to benefit from the possibilities for exemption provided for in this Directive; given the increasing integration of securities markets, it should equally be open to the competent authorities to give smaller companies similar treatment.

(23)

Furthermore, many stock exchanges have second-tier markets in order to deal in shares of companies not admitted to official listing; in some cases the second-tier markets are regulated and supervised by authorities recognised by public bodies that impose on companies disclosure requirements equivalent in substance to those imposed on officially listed companies; therefore, the principle underlying Article 23 of this Directive could also be applied when such companies seek to have their securities admitted to official listing.

(24)

In order to protect investors the documents intended to be made available to the public must first be sent to the competent authorities in the Member State in which admission to official listing is sought; it is for that Member State to decide whether those documents should be scrutinised by its competent authorities and to determine, if necessary, the nature and the manner in which that scrutiny should be carried out.

(25)

In the case of securities admitted to official stock-exchange listing, the protection of investors requires that the latter be supplied with appropriate regular information throughout the entire period during which the securities are listed; coordination of requirements for this regular information has similar objectives to those envisaged for the listing particulars, namely to improve such protection and to make it more equivalent, to facilitate the listing of these securities on more than one stock exchange in the Community, and in so doing to contribute towards the establishment of a genuine Community capital market by permitting a fuller interpenetration of securities markets.

(26)

Under this Directive, listed companies must as soon as possible make available to investors their annual accounts and report giving information on the company for the whole of the financial year; whereas the Fourth Council Directive 78/660/EEC has coordinated the laws, regulations and administrative provisions of the Member States concerning the annual accounts of certain types of companies.

(27)

Companies should also, at least once during each financial year, make available to investors reports on their activities; this Directive can, consequently, be confined to coordinating the content and distribution of a single report covering the first six months of the financial year.

(28)

However, in the case of ordinary debentures, because of the rights they confer on their holders, the protection of investors by means of the publication of a half-yearly report is not essential; by virtue of this Directive, convertible or exchangeable debentures and debentures with warrants may be admitted to official listing only if the related shares are already listed on the same stock exchange or on another regulated, regularly operating, recognised open market or are so admitted simultaneously; the Member States may derogate from this principle only if their competent authorities are satisfied that holders have at their disposal all the information necessary to form an opinion concerning the value of the shares to which these debentures relate; consequently, regular information needs to be coordinated only for companies whose shares are admitted to official stock-exchange listing.

(29)

The half-yearly report must enable investors to make an informed appraisal of the general development of the company's activities during the period covered by the report; however, this report need contain only the essential details on the financial position and general progress of the business of the company in question.

(30)

So as to ensure the effective protection of investors and the proper operation of stock exchanges, the rules relating to regular information to be published by companies, the shares of which are admitted to official stock-exchange listing within the Community, should apply not only to companies from Member States, but also to companies from non-member countries.

(31)

A policy of adequate information of investors in the field of transferable securities is likely to improve investor protection, to increase investors' confidence in securities markets and thus to ensure that securities markets function correctly.

(32)

By making such protection more equivalent, coordination of that policy at Community level is likely to make for greater inter-penetration of the Member States' transferable securities markets and therefore help to establish a true European capital market.

(33)

To that end investors should be informed of major holdings and of changes in those holdings in Community companies the shares of which are officially listed on stock exchanges situated or operating within the Community.

(34)

Coordinated rules should be laid down concerning the detailed content and the procedure for applying that requirement.

(35)

Companies, the shares of which are officially listed on a Community stock exchange, can inform the public of changes in major holdings only if they have been informed of such changes by the holders of those holdings.

(36)

Most Member States do not subject holders to such a requirement and where such a requirement exists there are appreciable differences in the procedures for applying it; coordinated rules should therefore be adopted at Community level in this field.

(37)

This Directive should not affect the obligations of the Member States concerning the deadlines for transposition set out in Annex II, Part B,

HAVE ADOPTED THIS DIRECTIVE:

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<notes source="#source">
<note class="footnote" eId="f00001">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.C_.2001.116.01.0069.01.ENG">OJ C 116, 20.4.2001, p. 69</ref>
.
</p>
</note>
<note class="footnote" eId="f00002">
<p>Opinion of the European Parliament of 14 March 2001 (not yet published in the Official Journal) and Council Decision of 7 May 2001.</p>
</note>
<note class="footnote" eId="f00003">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1979.066.01.0021.01.ENG">OJ L 66, 16.3.1979, p. 21</ref>
. Directive as last amended by Directive 88/627/EEC (
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1988.348.01.0062.01.ENG">OJ L 348, 17.12.1988, p. 62</ref>
).
</p>
</note>
<note class="footnote" eId="f00004">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1980.100.01.0001.01.ENG">OJ L 100, 17.4.1980, p. 1</ref>
. Directive as last amended by European Parliament and Council Directive 94/18/EC (
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1994.135.01.0001.01.ENG">OJ L 135, 31.5.1994, p. 1</ref>
).
</p>
</note>
<note class="footnote" eId="f00005">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1982.048.01.0026.01.ENG">OJ L 48, 20.2.1982, p. 26</ref>
.
</p>
</note>
<note class="footnote" eId="f00006">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1988.348.01.0062.01.ENG">OJ L 348, 17.12.1988, p. 62</ref>
.
</p>
</note>
<note class="footnote" eId="f00007">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1989.124.01.0008.01.ENG">OJ L 124, 5.5.1989, p. 8</ref>
.
</p>
</note>
<note class="footnote" eId="f00008">
<p>
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1978.222.01.0011.01.ENG">OJ L 222, 14.8.1978, p. 11</ref>
. Directive as last amended by Directive 1999/60/EC (
<ref href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.1999.162.01.0065.01.ENG">OJ L 162, 26.6.1999, p. 65</ref>
).
</p>
</note>
<note class="commentary F" eId="c000001">
<p>
Substituted by
<ref href="http://www.legislation.gov.uk/id/eudr/2003/6">Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)</ref>
.
</p>
</note>
<note class="commentary F" eId="c000002">
<p>
Deleted by
<ref href="http://www.legislation.gov.uk/id/eudr/2003/71">Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Text with EEA relevance)</ref>
.
</p>
</note>
<note class="commentary F" eId="c000003">
<p>
Deleted by
<ref href="http://www.legislation.gov.uk/id/eudr/2004/109">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 and amending Directive 2001/34/EC</ref>
.
</p>
</note>
<note class="commentary F" eId="c000004">
<p>
Deleted by
<ref href="http://www.legislation.gov.uk/id/eudr/2005/1">Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (Text with EEA relevance)</ref>
.
</p>
</note>
</notes>
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<dc:title>Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities TABLE OF CONTENTS RECITALSTITLE I: DEFINITIONS AND SCOPE OF APPLICATIONChapter I: DefinitionsArticle 1Chapter II: Scope of applicationArticle 2Article 3Article 4TITLE II: GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIESChapter I: General conditions for admissionArticle 5Article 6Article 7Chapter II: More stringent or additional conditions and obligationsArticle 8Chapter III: DerogationsArticle 9Article 10Chapter IV: Powers of the national competent authoritiesSection 1: Decision of admissionArticle 11Article 12Article 13Article 14Article 15Section 2: Information requested by the competent authoritiesArticle 16Section 3: Actions against an issuer failing to comply to the obligations resulting from admissionArticle 17Section 4: Suspension and 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sharesSection 1: Conditions relating to companies for the shares of which admission to official listing is soughtArticle 42Article 43Article 44Section 2: Conditions relating to the shares for which admission is soughtArticle 45Article 46Article 47Article 48Article 49Article 50Article 51Chapter III: Particular conditions relating to the admission to the official listing of debt securities issued by an undertakingSection 1: Conditions relating to undertakings for the debt securities of which admission to official listing is soughtArticle 52Section 2: Conditions relating to the debt securities for which admission to official listing is soughtArticle 53Article 54Article 55Article 56Article 57Section 3: Other conditionsArticle 58Article 59Chapter IV: Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international bodyArticle 60Article 61Article 62Article 63TITLE IV: ONGOING OBLIGATIONS 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<toc>
<inline name="tocNum">TITLE I</inline>
<inline name="tocHeading">DEFINITIONS AND SCOPE OF APPLICATION</inline>
<inline name="tocNum">CHAPTER I</inline>
<inline name="tocHeading">Definitions</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/1" level="1" class="item" period="#period1">
<inline name="tocNum">Article 1</inline>
<inline name="tocHeading">For the purposes of this Directive: ‘issuers’ shall mean companies...</inline>
</tocItem>
<inline name="tocNum">CHAPTER II</inline>
<inline name="tocHeading">Scope of application</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/2" level="1" class="item" period="#period1">
<inline name="tocNum">Article 2</inline>
<inline name="tocHeading">(1) Articles 5 to 19, 42 to 69, and 78...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/3" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 3</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/4" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 4</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">TITLE II</inline>
<inline name="tocHeading">GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIES</inline>
<inline name="tocNum">CHAPTER I</inline>
<inline name="tocHeading">General conditions for admission</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/5" level="1" class="item" period="#period1">
<inline name="tocNum">Article 5</inline>
<inline name="tocHeading">Member States shall ensure that: securities may not be admitted...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/6" level="1" class="item" period="#period1">
<inline name="tocNum">Article 6</inline>
<inline name="tocHeading">(1) The admission of securities to official listing shall be...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/7" level="1" class="item" period="#period1">
<inline name="tocNum">Article 7</inline>
<inline name="tocHeading">Member States may not make the admission to official listing...</inline>
</tocItem>
<inline name="tocNum">CHAPTER II</inline>
<inline name="tocHeading">More stringent or additional conditions and obligations</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/8" level="1" class="item" period="#period1">
<inline name="tocNum">Article 8</inline>
<inline name="tocHeading">(1) Subject to the prohibitions provided for in Article 7...</inline>
</tocItem>
<inline name="tocNum">CHAPTER III</inline>
<inline name="tocHeading">Derogations</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/9" level="1" class="item" period="#period1">
<inline name="tocNum">Article 9</inline>
<inline name="tocHeading">Any derogations from the conditions for the admission of securities...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/10" level="1" class="item" period="#period1">
<inline name="tocNum">Article 10</inline>
<inline name="tocHeading">Member States may decide not to apply the conditions set...</inline>
</tocItem>
<inline name="tocNum">CHAPTER IV</inline>
<inline name="tocHeading">Powers of the national competent authorities</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">Decision of admission</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/11" level="1" class="item" period="#period1">
<inline name="tocNum">Article 11</inline>
<inline name="tocHeading">(1) The competent authorities referred to in Article 105 shall...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/12" level="1" class="item" period="#period1">
<inline name="tocNum">Article 12</inline>
<inline name="tocHeading">By way of derogation from Article 8, Member States may,...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/13" level="1" class="item" period="#period1">
<inline name="tocNum">Article 13</inline>
<inline name="tocHeading">(1) Where applications are to be made simultaneously or within...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/14" level="1" class="item" period="#period1">
<inline name="tocNum">Article 14</inline>
<inline name="tocHeading">The competent authorities may refuse to admit to official listing...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/15" level="1" class="item" period="#period1">
<inline name="tocNum">Article 15</inline>
<inline name="tocHeading">Where an application for admission to official listing relates to...</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Information requested by the competent authorities</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/16" level="1" class="item" period="#period1">
<inline name="tocNum">Article 16</inline>
<inline name="tocHeading">(1) An issuer whose securities are admitted to official listing...</inline>
</tocItem>
<inline name="tocNum">Section 3</inline>
<inline name="tocHeading">Action against an issuer failing to comply with the obligations resulting from admission</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/17" level="1" class="item" period="#period1">
<inline name="tocNum">Article 17</inline>
<inline name="tocHeading">Without prejudice to any other action or penalties which they...</inline>
</tocItem>
<inline name="tocNum">Section 4</inline>
<inline name="tocHeading">Suspension and discontinuance</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/18" level="1" class="item" period="#period1">
<inline name="tocNum">Article 18</inline>
<inline name="tocHeading">(1) The competent authorities may decide to suspend the listing...</inline>
</tocItem>
<inline name="tocNum">Section 5</inline>
<inline name="tocHeading">Right to apply to the courts in case of refusal of admission or discontinuance</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/19" level="1" class="item" period="#period1">
<inline name="tocNum">Article 19</inline>
<inline name="tocHeading">(1) Member States shall ensure decisions of the competent authorities...</inline>
</tocItem>
<inline name="tocNum">TITLE III</inline>
<inline name="tocHeading">PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTINGS OF SECURITIES</inline>
<inline name="tocNum">CHAPTER I</inline>
<inline name="tocHeading">Publication of listing particulars for admission</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">General provisions</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/20" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 20</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/21" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 21</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/22" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 22</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Partial or complete exemption from the obligation to publish listing particulars</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/23" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 23</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 3</inline>
<inline name="tocHeading">Permitted omission from listing particulars of certain information</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/24" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 24</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 4</inline>
<inline name="tocHeading">Contents of listing of particulars in specific cases</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/25" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 25</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/26" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 26</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/27" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 27</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/28" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 28</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/29" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 29</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/30" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 30</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/31" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 31</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/32" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 32</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/33" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 33</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/34" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 34</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 5</inline>
<inline name="tocHeading">Control and circulation of listing particulars</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/35" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 35</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/36" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 36</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 6</inline>
<inline name="tocHeading">Determination of the competent authority</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/37" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 37</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 7</inline>
<inline name="tocHeading">Mutual recognition</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/38" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 38</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/39" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 39</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/40" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 40</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 8</inline>
<inline name="tocHeading">Agreements with non-member countries</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/41" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 41</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">CHAPTER II</inline>
<inline name="tocHeading">Specific conditions for the admission of shares</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">Conditions relating to companies for the shares of which admission to official listing is sought</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/42" level="1" class="item" period="#period1">
<inline name="tocNum">Article 42</inline>
<inline name="tocHeading">The legal position of the company must be in conformity...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/43" level="1" class="item" period="#period1">
<inline name="tocNum">Article 43</inline>
<inline name="tocHeading">(1) The foreseeable market capitalisation of the shares for which...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/44" level="1" class="item" period="#period1">
<inline name="tocNum">Article 44</inline>
<inline name="tocHeading">A company must have published or filed its annual accounts...</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Conditions relating to the shares for which admission is sought</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/45" level="1" class="item" period="#period1">
<inline name="tocNum">Article 45</inline>
<inline name="tocHeading">The legal position of the shares must be in conformity...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/46" level="1" class="item" period="#period1">
<inline name="tocNum">Article 46</inline>
<inline name="tocHeading">(1) The shares must be freely negotiable. </inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/47" level="1" class="item" period="#period1">
<inline name="tocNum">Article 47</inline>
<inline name="tocHeading">Where public issue precedes admission to official listing, the first...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/48" level="1" class="item" period="#period1">
<inline name="tocNum">Article 48</inline>
<inline name="tocHeading">(1) A sufficient number of shares must be distributed to...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/49" level="1" class="item" period="#period1">
<inline name="tocNum">Article 49</inline>
<inline name="tocHeading">(1) The application for admission to official listing must cover...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/50" level="1" class="item" period="#period1">
<inline name="tocNum">Article 50</inline>
<inline name="tocHeading">(1) For the admission to official listing of shares issued...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/51" level="1" class="item" period="#period1">
<inline name="tocNum">Article 51</inline>
<inline name="tocHeading">If the shares issued by a company which is a...</inline>
</tocItem>
<inline name="tocNum">CHAPTER III</inline>
<inline name="tocHeading">Particular conditions relating to the admission to official listing of debt securities issued by an undertaking</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">Conditions relating to undertakings for the debt securities of which admission to official listing is sought</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/52" level="1" class="item" period="#period1">
<inline name="tocNum">Article 52</inline>
<inline name="tocHeading">The legal position of the undertaking must be in conformity...</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Conditions relating to the debt securities for which admission to official listing is sought</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/53" level="1" class="item" period="#period1">
<inline name="tocNum">Article 53</inline>
<inline name="tocHeading">The legal position of the debt securities must be in...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/54" level="1" class="item" period="#period1">
<inline name="tocNum">Article 54</inline>
<inline name="tocHeading">(1) The debt securities must be freely negotiable. </inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/55" level="1" class="item" period="#period1">
<inline name="tocNum">Article 55</inline>
<inline name="tocHeading">Where public issue precedes admission to official listing, the first...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/56" level="1" class="item" period="#period1">
<inline name="tocNum">Article 56</inline>
<inline name="tocHeading">The application for admission to official listing must cover all...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/57" level="1" class="item" period="#period1">
<inline name="tocNum">Article 57</inline>
<inline name="tocHeading">(1) For the admission to official listing of debt securities...</inline>
</tocItem>
<inline name="tocNum">Section 3</inline>
<inline name="tocHeading">Other conditions</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/58" level="1" class="item" period="#period1">
<inline name="tocNum">Article 58</inline>
<inline name="tocHeading">(1) The amount of the loan may not be less...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/59" level="1" class="item" period="#period1">
<inline name="tocNum">Article 59</inline>
<inline name="tocHeading">(1) Convertible or exchangeable debentures and debentures with warrants may...</inline>
</tocItem>
<inline name="tocNum">CHAPTER IV</inline>
<inline name="tocHeading">Particular conditions relating to the admission to official listing of Debt securities issued by a State, its regional or local authorities or a public international body</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/60" level="1" class="item" period="#period1">
<inline name="tocNum">Article 60</inline>
<inline name="tocHeading">The debt securities must be freely negotiable. </inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/61" level="1" class="item" period="#period1">
<inline name="tocNum">Article 61</inline>
<inline name="tocHeading">Where public issue precedes admission to official listing, the first...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/62" level="1" class="item" period="#period1">
<inline name="tocNum">Article 62</inline>
<inline name="tocHeading">The application for admission to official listing must cover all...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/63" level="1" class="item" period="#period1">
<inline name="tocNum">Article 63</inline>
<inline name="tocHeading">(1) For the admission to official listing of debt securities...</inline>
</tocItem>
<inline name="tocNum">TITLE IV</inline>
<inline name="tocHeading">OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTING</inline>
<inline name="tocNum">CHAPTER I</inline>
<inline name="tocHeading">Obligations of companies whose shares are admitted to official listing</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">Listing of newly issued shares of the same class</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/64" level="1" class="item" period="#period1">
<inline name="tocNum">Article 64</inline>
<inline name="tocHeading">Without prejudice to Article 49(2), in the case of a...</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Treatment of shareholders</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/65" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 65</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 3</inline>
<inline name="tocHeading">Amendment of the instrument of incorporation or the statutes</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/66" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 66</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 4</inline>
<inline name="tocHeading">Annual accounts and annual report</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/67" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 67</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 5</inline>
<inline name="tocHeading">Additional information</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/68" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 68</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 6</inline>
<inline name="tocHeading">Equivalence of information</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/69" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 69</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 7</inline>
<inline name="tocHeading">Periodical information to be published</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/70" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 70</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/71" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 71</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 8</inline>
<inline name="tocHeading">Publication and contents of the half-yearly report</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/72" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 72</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/73" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 73</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/74" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 74</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/75" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 75</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/76" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 76</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/77" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 77</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">CHAPTER II</inline>
<inline name="tocHeading">Obligation of issuers whose debt securities are admitted to official listing</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">Debt securities issued by an undertaking</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/78" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 78</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/79" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 79</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/80" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 80</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/81" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 81</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/82" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 82</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Debt securities issued by a State or its regional or local authorities or by a public international body</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/83" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 83</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/84" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 84</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">CHAPTER III</inline>
<inline name="tocHeading">Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed of</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">General provisions</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/85" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 85</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/86" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 86</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/87" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 87</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/88" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 88</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Information when a major holding is acquired or disposed of</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/89" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 89</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/90" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 90</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/91" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 91</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 3</inline>
<inline name="tocHeading">Determination of the voting rights</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/92" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 92</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 4</inline>
<inline name="tocHeading">Exemptions</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/93" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 93</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/94" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 94</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/95" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 95</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 5</inline>
<inline name="tocHeading">Competent authorities</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/96" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 96</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 6</inline>
<inline name="tocHeading">Sanctions</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/97" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 97</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">TITLE V</inline>
<inline name="tocHeading">PUBLICATION AND COMMUNICATION OF THE INFORMATION</inline>
<inline name="tocNum">CHAPTER I</inline>
<inline name="tocHeading">Publication and communication of listing particulars for the admission of securities to the official stock exchange listing</inline>
<inline name="tocNum">Section 1</inline>
<inline name="tocHeading">Procedures and period of publication of listing particulars and their supplements</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/98" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 98</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/99" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 99</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/100" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 100</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">Section 2</inline>
<inline name="tocHeading">Prior communication to the competent authorities of the means of publication</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/101" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 101</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">CHAPTER II</inline>
<inline name="tocHeading">Publication and communication of information after listing</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/102" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 102</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">CHAPTER III</inline>
<inline name="tocHeading">Languages</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/103" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 103</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/104" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 104</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">TITLE VI</inline>
<inline name="tocHeading">COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATES</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/105" level="1" class="item" period="#period1">
<inline name="tocNum">Article 105</inline>
<inline name="tocHeading">(1) Member States shall ensure that this Directive is applied...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/106" level="1" class="item" period="#period1">
<inline name="tocNum">Article 106</inline>
<inline name="tocHeading">The competent authorities shall cooperate whenever necessary for the purpose...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/107" level="1" class="item" period="#period1">
<inline name="tocNum">Article 107</inline>
<inline name="tocHeading">(1) Member States shall provide that all persons employed or...</inline>
</tocItem>
<inline name="tocNum">TITLE VII</inline>
<inline name="tocHeading">CONTACT COMMITTEE</inline>
<inline name="tocNum">CHAPTER I</inline>
<inline name="tocHeading">Composition, working and tasks of the Committee</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/108" level="1" class="item repealed" period="#period1">
<inline name="tocNum">Article 108</inline>
<inline name="tocHeading">. . . . . . . . . ....</inline>
</tocItem>
<inline name="tocNum">CHAPTER II</inline>
<inline name="tocHeading">Adaptation of the amount of equity market capitalisation</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/109" level="1" class="item" period="#period1">
<inline name="tocNum">Article 109</inline>
<inline name="tocHeading">(1) For the purpose of adjusting, in the light of...</inline>
</tocItem>
<inline name="tocNum">TITLE VIII</inline>
<inline name="tocHeading">FINAL PROVISIONS</inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/110" level="1" class="item" period="#period1">
<inline name="tocNum">Article 110</inline>
<inline name="tocHeading">The Member States shall communicate to the Commission the texts...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/111" level="1" class="item" period="#period1">
<inline name="tocNum">Article 111</inline>
<inline name="tocHeading">(1) Directives 79/279/EEC, 80/390/EEC, 82/121/EEC and 88/627/EEC, as amended by...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/112" level="1" class="item" period="#period1">
<inline name="tocNum">Article 112</inline>
<inline name="tocHeading">This Directive shall enter into force the twentieth day following...</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/article/113" level="1" class="item" period="#period1">
<inline name="tocNum">Article 113</inline>
<inline name="tocHeading">This Directive is addressed to the Member States. </inline>
</tocItem>
<tocItem href="" level="1" class="schedules" period="#period1"/>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/annex/I" level="2" class="schedule repealed" period="#period1">
<inline name="tocNum">ANNEX I</inline>
<inline name="tocHeading"> SCHEDULE OF LISTING PARTICULARS FOR THE ADMISSION OF SECURITIES TO THE OFFICIAL STOCK EXCHANGE LISTING </inline>
</tocItem>
<inline name="tocNum">SCHEDULE A</inline>
<inline name="tocHeading">Layout for listing particulars for the admission of shares to...</inline>
<inline name="tocNum">Chapter 1</inline>
<inline name="tocHeading">Information concerning those responsible for listing particulars and the auditing...</inline>
<inline name="tocNum">Chapter 2</inline>
<inline name="tocHeading">Information concerning admission to official listing and the shares for...</inline>
<inline name="tocNum">Chapter 3</inline>
<inline name="tocHeading">General information about the issuer and its capital </inline>
<inline name="tocNum">Chapter 4</inline>
<inline name="tocHeading">Information concerning the issuer's activities </inline>
<inline name="tocNum">Chapter 5</inline>
<inline name="tocHeading">Information concerning the issuer's assets and liabilities, financial position and...</inline>
<inline name="tocNum">Chapter 6</inline>
<inline name="tocHeading">Information concerning administration, management and supervision </inline>
<inline name="tocNum">Chapter 7</inline>
<inline name="tocHeading">Information concerning the recent development and prospects of the issuer...</inline>
<inline name="tocNum">SCHEDULE B</inline>
<inline name="tocHeading">Layout for listing particulars for the admission of debt securities...</inline>
<inline name="tocNum">Chapter 1</inline>
<inline name="tocHeading">Information concerning those responsible for listing particulars and the auditing...</inline>
<inline name="tocNum">Chapter 2</inline>
<inline name="tocHeading">Information concerning loans and the admission of debt securities to...</inline>
<inline name="tocNum">Chapter 3</inline>
<inline name="tocHeading">General information about the issuer and its capital </inline>
<inline name="tocNum">Chapter 4</inline>
<inline name="tocHeading">Information concerning the issuer's activities </inline>
<inline name="tocNum">Chapter 5</inline>
<inline name="tocHeading">Information concerning the issuer's assets and liabilities, financial position and...</inline>
<inline name="tocNum">Chapter 6</inline>
<inline name="tocHeading">Information concerning administration, management and supervision </inline>
<inline name="tocNum">Chapter 7</inline>
<inline name="tocHeading">Information concerning the recent development and prospects of the issuer...</inline>
<inline name="tocNum">SCHEDULE C</inline>
<inline name="tocHeading">Layout for listing particulars for the admission of certificates representing...</inline>
<inline name="tocNum">Chapter 1</inline>
<inline name="tocHeading">General information about the issuer </inline>
<inline name="tocNum">Chapter 2</inline>
<inline name="tocHeading">Information on the certificates themselves </inline>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/annex/II" level="2" class="schedule" period="#period1">
<inline name="tocNum">ANNEX II</inline>
<inline name="tocHeading">PART A</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/annex/II" level="2" class="schedule" period="#period1">
<inline name="tocNum">ANNEX II</inline>
<inline name="tocHeading">PART B</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/eudr/2001/34/annex/III" level="2" class="schedule" period="#period1">
<inline name="tocNum">ANNEX III</inline>
<inline name="tocHeading">CORRELATION TABLE</inline>
</tocItem>
</toc>
</coverPage>
<preface>
<longTitle>
<p>
<inline name="uppercase">Directive</inline>
2001/34/EC
<inline name="uppercase">of the European Parliament and of the Council</inline>
</p>
<p>of 28 May 2001</p>
<p>on the admission of securities to official stock exchange listing and on information to be published on those securities</p>
<p>
TABLE OF CONTENTS
<span>
<ins class="substitution O001001M001 first">
<noteRef href="#c000001" marker="F1" class="commentary attribute F"/>
RECITALS
</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE I: DEFINITIONS AND SCOPE OF APPLICATION</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter I: Definitions</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 1</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter II: Scope of application</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 2</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M040 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 3
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M041 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 4
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE II: GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIES</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter I: General conditions for admission</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 5</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 6</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 7</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter II: More stringent or additional conditions and obligations</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 8</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter III: Derogations</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 9</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 10</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter IV: Powers of the national competent authorities</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: Decision of admission</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 11</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 12</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 13</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 14</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 15</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Information requested by the competent authorities</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 16</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 3: Actions against an issuer failing to comply to the obligations resulting from admission</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 17</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 4: Suspension and discontinuance</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 18</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 5: Right to apply to the courts in case of refusal of admission or discontinuance</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 19</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE III: PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTING OF SECURITIES</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter I: Publication of listing particulars for admission</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: General provisions</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M042 first">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 20
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M042">Article 21</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M042 last">Article 22</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Partial or complete exemption from the obligation to publish listing particulars</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M043 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 23
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 3: Permitted omission from the listing particulars of certain information</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M044 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 24
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 4: Contents of the listing of particulars in certain specific cases</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045 first">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 25
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 26</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 27</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 28</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 29</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 30</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 31</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 32</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045">Article 33</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M045 last">Article 34</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 5: Control and circulation of listing particulars</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M046 first">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 35
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M046 last">Article 36</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 6: Determination of the competent authority</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M047 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 37
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 7: Mutual recognition</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M048 first">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 38
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M048">Article 39</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M048 last">Article 40</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 8: Negotiations with non-member countries</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M049 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 41
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter II: Particular conditions for the admission of shares</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: Conditions relating to companies for the shares of which admission to official listing is sought</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 42</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 43</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 44</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Conditions relating to the shares for which admission is sought</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 45</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 46</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 47</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 48</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 49</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 50</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 51</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter III: Particular conditions relating to the admission to the official listing of debt securities issued by an undertaking</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: Conditions relating to undertakings for the debt securities of which admission to official listing is sought</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 52</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Conditions relating to the debt securities for which admission to official listing is sought</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 53</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 54</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 55</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 56</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 57</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 3: Other conditions</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 58</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 59</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter IV: Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international body</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 60</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 61</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 62</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 63</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE IV: ONGOING OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTING</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter I: Obligations of companies whose shares are admitted to official listing</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: Listing of newly issued shares of the same class</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 64</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Treatment of shareholders</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M050 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 65
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 3: Amendment of the instrument of incorporation or the statutes</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M051 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 66
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 4: Annual accounts and annual report</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M052 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 67
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 5: Additional information</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M053 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 68
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 6: Equivalence of information</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M054 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 69
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 7: Periodical information to be published</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M055 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 70
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M055 last">Article 71</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 8: Publication and contents of the half-yearly report</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M056 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 72
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M056">Article 73</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M056">Article 74</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M056">Article 75</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M056">Article 76</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M056 last">Article 77</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter II: Obligation of issuers whose debt securities are admitted to official listing</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: Debt securities issued by an undertaking</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M057 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 78
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M057">Article 79</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M057">Article 80</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M057">Article 81</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M057 last">Article 82</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Debt securities issued by a State or its regional or local authorities or by a public international body</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M058 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 83
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M058 last">Article 84</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter III: Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed of</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: General provisions</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M059 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 85
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M059">Article 86</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M059">Article 87</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M059 last">Article 88</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Information when a major holding is acquired or disposed of</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M060 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 89
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M060">Article 90</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M060 last">Article 91</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 3: Determination of the voting rights</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M061 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 92
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 4: Exemptions</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M062 first">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 93
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M062">Article 94</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M062 last">Article 95</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 5: Competent authorities</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M063 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 96
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 6: Sanctions</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M064 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 97
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE V: PUBLICATION AND COMMUNICATION OF THE INFORMATION</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter I: Publication and communication of listing particulars for the admission of securities to the official stock exchange listing</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 1: Procedures and period of publication of listing particulars and their supplements</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M065 first">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 98
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M065">Article 99</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M065 last">Article 100</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Section 2: Prior communication to the competent authorities of the means of publication</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M066 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 101
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter II: Publication and communication of information after listing</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M067 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 102
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter III: Languages</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M068 first last">
<noteRef href="#c000003" marker="F3" class="commentary attribute F"/>
Article 103
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M069 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Article 104
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE VI: COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATES</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 105</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 106</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 107</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE VII: CONTACT COMMITTEE</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter 1: Composition, working and tasks of the Committee</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M070 first last">
<noteRef href="#c000004" marker="F4" class="commentary attribute F"/>
Article 108
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Chapter II: Adaptation of the amount of equity market capitalisation</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 109</ins>
</span>
<span>
<ins class="substitution O001001M001">TITLE VIII: FINAL PROVISIONS</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 110</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 111</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 112</ins>
</span>
<span>
<ins class="substitution O001001M001">Article 113</ins>
</span>
<span>
<ins class="substitution O001001M001">
<del class="O002001M071 first last">
<noteRef href="#c000002" marker="F2" class="commentary attribute F"/>
Annex I — Schedule of listing particulars for the admission of securities to the official stock exchange listing
</del>
</ins>
</span>
<span>
<ins class="substitution O001001M001">Annex II — Part A: Repealed Directives and their successive amendments</ins>
</span>
<span>
<ins class="substitution O001001M001">Annex II — Part B: Deadlines for transposition into national law</ins>
</span>
<span>
<ins class="substitution O001001M001 last">Annex III — Correlation table</ins>
</span>
</p>
</longTitle>
</preface>
<preamble>
<p>THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,</p>
<p>Having regard to the Treaty establishing the European Economic Community, and in particular Articles 44 and 95 thereof,</p>
<p>Having regard to the proposal from the Commission,</p>
<p>
Having regard to the Opinion of the Economic and Social Committee
<noteRef href="#f00001" class="footnote" marker="1"/>
,
</p>
<p>
Acting in accordance with the procedure laid down in Article 251 of the Treaty
<noteRef href="#f00002" class="footnote" marker="2"/>
,
</p>
<p>Whereas:</p>
<tblock>
<num>(1)</num>
<p>
Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for the admission of securities to official stock exchange listing
<noteRef href="#f00003" class="footnote" marker="3"/>
, Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock exchange listing
<noteRef href="#f00004" class="footnote" marker="4"/>
, Council Directive 82/121/EEC of 15 February 1982 on information to be published on a regular basis by companies the shares of which have been admitted to official stock-exchange listing
<noteRef href="#f00005" class="footnote" marker="5"/>
and Council Directive 88/627/EEC of 12 December1988 on the information to be published when a major holding in a listed company is acquired or disposed of
<noteRef href="#f00006" class="footnote" marker="6"/>
have been substantially amended several times. In the interests of clarity and rationality, the said Directives should therefore be codified by grouping them together in a single text.
</p>
</tblock>
<tblock>
<num>(2)</num>
<p>The coordination of the conditions for the admission of securities to official listing on stock exchanges situated or operating in the Member States is likely to provide equivalent protection for investors at Community level, because of the more uniform guarantees offered to investors in the various Member States, it will facilitate both the admission to official stock exchange listing, in each such State, of securities from other Member States and the listing of any given security on a number of stock exchanges in the Community; it will accordingly make for greater interpenetration of national securities markets by removing those obstacles that may prudently be removed and therefore contribute to the prospect of establishing a European capital market.</p>
</tblock>
<tblock>
<num>(3)</num>
<p>Such coordination must therefore apply to securities, independently of the legal status of their issuers, and must therefore also apply to securities issued by non-member States or their regional or local authorities or international public bodies; this Directive therefore covers entities not covered by the second paragraph of Article 48 of the Treaty.</p>
</tblock>
<tblock>
<num>(4)</num>
<p>There should be the possibility of a right to apply to the courts against decisions by the competent national authorities in respect of the application of this Directive, concerning the admission of securities to official listing, although such right to apply must not be allowed to restrict the discretion of these authorities.</p>
</tblock>
<tblock>
<num>(5)</num>
<p>Initially, this coordination of the conditions for admission of securities to official listing should be sufficiently flexible to enable account to be taken of present differences in the structures of securities markets in the Member States and to enable the Member States to take account of any specific situations with which they may be confronted.</p>
</tblock>
<tblock>
<num>(6)</num>
<p>For this reason, coordination should first be limited to the establishment of minimum conditions for the admission of securities to official listing on stock exchanges situated or operating in the Member States, without however giving issuers any right to listing.</p>
</tblock>
<tblock>
<num>(7)</num>
<p>This partial coordination of the conditions for admission to official listing constitutes a first step towards subsequent closer alignment of the rules of Member States in this field.</p>
</tblock>
<tblock>
<num>(8)</num>
<p>The market in which undertakings operate has been enlarged to embrace the whole Community and this enlargement involves a corresponding increase in their financial requirements and extension of the capital markets on which they must call to satisfy them; admission to official listing on stock exchanges of Member States of securities issued by undertakings constitutes an important means of access to these capital markets; furthermore exchange restrictions on the purchase of securities traded on the stock exchanges of another Member State have been eliminated as part of the liberalisation of capital movements.</p>
</tblock>
<tblock>
<num>(9)</num>
<p>Safeguards for the protection of the interests of actual and potential investors are required in most Member States of undertakings offering their securities to the public, either at the time of their offer or of their admission to official stock exchange listing; such safeguards require the provision of information which is sufficient and as objective as possible concerning the financial circumstances of the issuer and particulars of the securities for which admission to official listing is requested; the form under which this information is required usually consists of the publication of listing particulars.</p>
</tblock>
<tblock>
<num>(10)</num>
<p>The safeguards required differ from Member State to Member State, both as regards the contents and the layout of the listing particulars and the efficacy, methods and timing of the check on the information given therein; the effect of these differences is not only to make it more difficult for undertakings to obtain admission of securities to official listing on stock exchanges of several Member States but also to hinder the acquisition by investors residing in one Member State of securities listed on stock exchanges of other Member States and thus to inhibit the financing of the undertakings and investment throughout the Community.</p>
</tblock>
<tblock>
<num>(11)</num>
<p>These differences should be eliminated by coordinating the rules and regulations without necessarily making them completely uniform, in order to achieve an adequate degree of equivalence in the safeguards required in each Member State to ensure the provision of information which is sufficient and as objective as possible for actual or potential security holders.</p>
</tblock>
<tblock>
<num>(12)</num>
<p>Such coordination must apply to securities independently of the legal status of the issuing undertaking; this Directive applies to entities to which no reference is made in the second paragraph of Article 48 of the Treaty.</p>
</tblock>
<tblock>
<num>(13)</num>
<p>Mutual recognition of listing particulars to be published for the admission of securities to official listing represents an important step forward in the creation of the Community's internal market.</p>
</tblock>
<tblock>
<num>(14)</num>
<p>In this connection, it is necessary to specify which authorities are competent to check and approve listing particulars to be published for the admission of securities to official listing in the event of simultaneous applications for admission to official listing in two or more Member States.</p>
</tblock>
<tblock>
<num>(15)</num>
<p>
Article 21 of Council Directive 89/298/EEC of 17 April 1989 coordinating the requirements for the drawing-up, scrutiny and distribution of the prospectus to be published when transferable securities are offered to the public
<noteRef href="#f00007" class="footnote" marker="7"/>
provides that where public offers are made simultaneously or within short intervals of one another in two or more Member States, a public-offer prospectus drawn up and approved in accordance with Article 7, 8 or 12 of that Directive must be recognised as a public-offer prospectus in the other Member States concerned on the basis of mutual recognition.
</p>
</tblock>
<tblock>
<num>(16)</num>
<p>It is also desirable to provide the recognition of a public-offer prospectus as listing particulars where admission to official stock-exchange listing is requested within a short period of the public offer.</p>
</tblock>
<tblock>
<num>(17)</num>
<p>The mutual recognition of a public-offer prospectus and admission to official listings does not in itself confer a right to admissions.</p>
</tblock>
<tblock>
<num>(18)</num>
<p>It is advisable to provide for the extension, by means of agreements to be concluded by the Community with non-member countries, of the recognition of listing particulars for admission to official listings from those countries on a reciprocal basis.</p>
</tblock>
<tblock>
<num>(19)</num>
<p>It seems appropriate to provide for the possibility for the Member State in which admission to official listing is sought in certain cases to grant partial or complete exemption from the obligation to publish listing particulars for admission to official listings to issuers the securities of which have already been admitted to official stock-exchange listing in another Member State.</p>
</tblock>
<tblock>
<num>(20)</num>
<p>Companies which have already been listed in the Community for some time and are of high quality and international standing are the most likely candidates for cross-border listing. Those companies are generally well known in most Member States: information concerning them is widely circulated and available.</p>
</tblock>
<tblock>
<num>(21)</num>
<p>The aim of this Directive is to ensure that sufficient information is provided for investors; therefore, when such a company seeks to have its securities admitted to listing in a host Member State, investors operating on the market in that country may be sufficiently protected by receiving only simplified information rather than full listing particulars.</p>
</tblock>
<tblock>
<num>(22)</num>
<p>Member States may find it useful to establish non-discriminatory minimum quantitative criteria, such as the current equity market capitalisation, which issuers must fulfil to be eligible to benefit from the possibilities for exemption provided for in this Directive; given the increasing integration of securities markets, it should equally be open to the competent authorities to give smaller companies similar treatment.</p>
</tblock>
<tblock>
<num>(23)</num>
<p>Furthermore, many stock exchanges have second-tier markets in order to deal in shares of companies not admitted to official listing; in some cases the second-tier markets are regulated and supervised by authorities recognised by public bodies that impose on companies disclosure requirements equivalent in substance to those imposed on officially listed companies; therefore, the principle underlying Article 23 of this Directive could also be applied when such companies seek to have their securities admitted to official listing.</p>
</tblock>
<tblock>
<num>(24)</num>
<p>In order to protect investors the documents intended to be made available to the public must first be sent to the competent authorities in the Member State in which admission to official listing is sought; it is for that Member State to decide whether those documents should be scrutinised by its competent authorities and to determine, if necessary, the nature and the manner in which that scrutiny should be carried out.</p>
</tblock>
<tblock>
<num>(25)</num>
<p>In the case of securities admitted to official stock-exchange listing, the protection of investors requires that the latter be supplied with appropriate regular information throughout the entire period during which the securities are listed; coordination of requirements for this regular information has similar objectives to those envisaged for the listing particulars, namely to improve such protection and to make it more equivalent, to facilitate the listing of these securities on more than one stock exchange in the Community, and in so doing to contribute towards the establishment of a genuine Community capital market by permitting a fuller interpenetration of securities markets.</p>
</tblock>
<tblock>
<num>(26)</num>
<p>
Under this Directive, listed companies must as soon as possible make available to investors their annual accounts and report giving information on the company for the whole of the financial year; whereas the Fourth Council Directive 78/660/EEC
<noteRef href="#f00008" class="footnote" marker="8"/>
has coordinated the laws, regulations and administrative provisions of the Member States concerning the annual accounts of certain types of companies.
</p>
</tblock>
<tblock>
<num>(27)</num>
<p>Companies should also, at least once during each financial year, make available to investors reports on their activities; this Directive can, consequently, be confined to coordinating the content and distribution of a single report covering the first six months of the financial year.</p>
</tblock>
<tblock>
<num>(28)</num>
<p>However, in the case of ordinary debentures, because of the rights they confer on their holders, the protection of investors by means of the publication of a half-yearly report is not essential; by virtue of this Directive, convertible or exchangeable debentures and debentures with warrants may be admitted to official listing only if the related shares are already listed on the same stock exchange or on another regulated, regularly operating, recognised open market or are so admitted simultaneously; the Member States may derogate from this principle only if their competent authorities are satisfied that holders have at their disposal all the information necessary to form an opinion concerning the value of the shares to which these debentures relate; consequently, regular information needs to be coordinated only for companies whose shares are admitted to official stock-exchange listing.</p>
</tblock>
<tblock>
<num>(29)</num>
<p>The half-yearly report must enable investors to make an informed appraisal of the general development of the company's activities during the period covered by the report; however, this report need contain only the essential details on the financial position and general progress of the business of the company in question.</p>
</tblock>
<tblock>
<num>(30)</num>
<p>So as to ensure the effective protection of investors and the proper operation of stock exchanges, the rules relating to regular information to be published by companies, the shares of which are admitted to official stock-exchange listing within the Community, should apply not only to companies from Member States, but also to companies from non-member countries.</p>
</tblock>
<tblock>
<num>(31)</num>
<p>A policy of adequate information of investors in the field of transferable securities is likely to improve investor protection, to increase investors' confidence in securities markets and thus to ensure that securities markets function correctly.</p>
</tblock>
<tblock>
<num>(32)</num>
<p>By making such protection more equivalent, coordination of that policy at Community level is likely to make for greater inter-penetration of the Member States' transferable securities markets and therefore help to establish a true European capital market.</p>
</tblock>
<tblock>
<num>(33)</num>
<p>To that end investors should be informed of major holdings and of changes in those holdings in Community companies the shares of which are officially listed on stock exchanges situated or operating within the Community.</p>
</tblock>
<tblock>
<num>(34)</num>
<p>Coordinated rules should be laid down concerning the detailed content and the procedure for applying that requirement.</p>
</tblock>
<tblock>
<num>(35)</num>
<p>Companies, the shares of which are officially listed on a Community stock exchange, can inform the public of changes in major holdings only if they have been informed of such changes by the holders of those holdings.</p>
</tblock>
<tblock>
<num>(36)</num>
<p>Most Member States do not subject holders to such a requirement and where such a requirement exists there are appreciable differences in the procedures for applying it; coordinated rules should therefore be adopted at Community level in this field.</p>
</tblock>
<tblock>
<num>(37)</num>
<p>This Directive should not affect the obligations of the Member States concerning the deadlines for transposition set out in Annex II, Part B,</p>
</tblock>
<p>HAVE ADOPTED THIS DIRECTIVE:</p>
</preamble>
<body/>
</act>
</akomaNtoso>