# Directive 2013/50/EU of the European Parliament and of the CouncilShow full title

Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 amending Directive 2004/109/EC of the            European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about            issuers whose securities are admitted to trading on a regulated market, Directive 2003/71/EC of the European Parliament and            of the Council on the prospectus to be published when securities are offered to the public or admitted to trading and Commission            Directive 2007/14/EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC (Text            with EEA relevance)         

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# Directive 2013/50/EU of the European Parliament and of the Council

# of 22 October 2013

# amending Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements                        in relation to information about issuers whose securities are admitted to trading on a regulated market, Directive 2003/71/EC                        of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public                        or admitted to trading and Commission Directive 2007/14/EC laying down detailed rules for the implementation of certain provisions                        of Directive 2004/109/EC                     

# (Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 50 and 114 thereof,

Having regard to the proposal from the European Commission,

After transmission of the draft legislative act to the national parliaments,

Having regard to the opinion of the European Central Bank(1),                        

Having regard to the opinion of the European Economic and Social Committee(2),                        

Acting in accordance with the ordinary legislative procedure(3),                        

Whereas:

(1)Under Article 33 of Directive 2004/109/EC of the European Parliament and of the Council(4), the Commission had to report on the operation of that Directive to the European Parliament and to the Council, including                              on the appropriateness of ending the exemption for existing debt securities after the 10-year period as provided for by Article                              30(4) of that Directive, and on the potential impact of the operation of that Directive on the European financial markets.

(2)On 27 May 2010 the Commission adopted a report on the operation of Directive 2004/109/EC which identified areas where the                              regime created by that Directive could be improved. In particular, the report demonstrates the need to provide for the simplification                              of certain issuers’ obligations with a view to making regulated markets more attractive to small and medium-sized issuers                              raising capital in the Union. Furthermore, the effectiveness of the existing transparency regime needs to be improved, in                              particular with respect to the disclosure of corporate ownership.

(3)In addition, in its communication of 13 April 2011 entitled ‘Single Market Act, Twelve levers to boost growth and strengthen                              confidence, Working together to create new growth’, the Commission identified the need to review Directive 2004/109/EC in                              order to make the obligations applicable to listed small and medium-sized enterprises more proportionate, whilst guaranteeing                              the same level of investor protection.

(4)According to the Commission report and the Commission communication, the administrative burden associated with obligations                              linked to admission to trading on a regulated market should be reduced for small and medium-sized issuers in order to improve                              their access to capital. The obligations to publish interim management statements or quarterly financial reports represent                              an important burden for many small and medium-sized issuers whose securities are admitted to trading on regulated markets,                              without being necessary for investor protection. Those obligations also encourage short-term performance and discourage long-term                              investment. In order to encourage sustainable value creation and long-term oriented investment strategy, it is essential to                              reduce short-term pressure on issuers and give investors an incentive to adopt a longer term vision. The requirement to publish                              interim management statements should therefore be abolished.

(5)Member States should not be allowed to impose in their national legislation the requirement to publish periodic financial                              information on a more frequent basis than annual financial reports and half-yearly financial reports. However, Member States                              should nevertheless be able to require issuers to publish additional periodic financial information if such a requirement                              does not constitute a significant financial burden, and if the additional information required is proportionate to the factors                              that contribute to investment decisions. This Directive is without prejudice to any additional information that is required                              by sectoral Union legislation, and in particular Member States can require the publication of additional periodic financial                              information by financial institutions. Moreover, a regulated market can require issuers which have their securities admitted                              to trading thereon to publish additional periodic financial information in all or some of the segments of that market.

(6)In order to provide additional flexibility and thereby reduce administrative burdens, the deadline for publishing half-yearly                              financial reports should be extended to three months after the end of the reporting period. As the period in which issuers                              can publish their half-yearly financial reports is extended, small and medium-sized issuers’ reports are expected to receive                              more attention from the market participants, and thereby those issuers become more visible.

(7)In order to provide for enhanced transparency of payments made to governments, issuers whose securities are admitted to trading                              on a regulated market and who have activities in the extractive or logging of primary forest industries should disclose in                              a separate report, on an annual basis, payments made to governments in the countries in which they operate. The report should                              include types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI). The                              disclosure of payments to governments should provide civil society and investors with information to hold governments of resource-rich                              countries to account for their receipts from the exploitation of natural resources. The initiative is also complementary to                              the Forest Law Enforcement, Governance and Trade Action Plan of the European Union (EU FLEGT) and the provisions of Regulation                              (EU) No 995/2010 of the European Parliament and of the Council of 20 October 2010 laying down the obligations of operators                              who place timber and timber products on the market(5), which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the                              Union market. Member States should ensure that the members of the responsible bodies of an undertaking, acting within the                              competences assigned to them by national law, have responsibility for ensuring that, to the best of their knowledge and ability,                              the report on payments to governments is prepared in accordance with the requirements of this Directive. The detailed requirements                              are defined in Chapter 10 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual                              financial statements, consolidated financial statements and related reports of certain types of undertakings(6).

(8)For the purposes of transparency and investor protection, Member States should require the following principles to apply to                              reporting on payments to governments in accordance with Chapter 10 of Directive 2013/34/EU: materiality (any payment, whether                              made as a single payment or a series of related payments, need not be taken into account in the report if it is below EUR                              100 000 within a financial year); government and project-by-project reporting (reporting on payments to governments should                              be done on a government and project-by-project basis); universality (no exemptions, for instance for issuers active in certain                              countries, should be made which have a distortive impact and allow issuers to exploit lax transparency requirements); comprehensiveness                              (all relevant payments to governments should be reported, in line with Chapter 10 of Directive 2013/34/EU and supporting recitals).

(9)Financial innovation has led to the creation of new types of financial instruments that give investors economic exposure to                              companies, the disclosure of which has not been provided for in Directive 2004/109/EC. Those instruments could be used to                              secretly acquire stocks in companies, which could result in market abuse and give a false and misleading picture of economic                              ownership of publicly listed companies. In order to ensure that issuers and investors have full knowledge of the structure                              of corporate ownership, the definition of financial instruments in that Directive should cover all instruments with similar                              economic effect to holding shares and entitlements to acquire shares.

(10)Financial instruments with similar economic effect to holding shares and entitlements to acquire shares which provide for                              cash settlement should be calculated on a ‘delta-adjusted’ basis, by multiplying the notional amount of underlying shares                              by the delta of the instrument. Delta indicates how much a financial instrument’s theoretical value would move in the event                              of variation in the underlying instrument’s price and provides an accurate picture of the exposure of the holder to the underlying                              instrument. This approach is taken in order to ensure that the information about the total voting rights accessible by the                              investor is as accurate as possible.

(11)In addition, in order to ensure adequate transparency of major holdings, where a holder of financial instruments exercises                              its entitlement to acquire shares and the total holdings of voting rights attaching to underlying shares exceed the notification                              threshold without affecting the overall percentage of the previously notified holdings, a new notification should be required                              to disclose the change in the nature of the holdings.

(12)A harmonised regime for notification of major holdings of voting rights, especially regarding the aggregation of holdings                              of shares with holdings of financial instruments, should improve legal certainty, enhance transparency and reduce the administrative                              burden for cross-border investors. Member States should therefore not be allowed to adopt more stringent rules than those                              provided for in Directive 2004/109/EC regarding the calculation of notification thresholds, aggregation of holdings of voting                              rights attaching to shares with holdings of voting rights relating to financial instruments, and exemptions from the notification                              requirements. However, taking into account the existing differences in ownership concentration in the Union, and the differences                              in company laws in the Union leading to the total number of shares differing from the total number of voting rights for some                              issuers, Member States should continue to be allowed to set both lower and additional thresholds for notification of holdings                              of voting rights, and to require equivalent notifications in relation to thresholds based on capital holdings. Moreover, Member                              States should continue to be allowed to set stricter obligations than those provided for in Directive 2004/109/EC with regard                              to the content (such as disclosure of shareholders’ intentions), the process and the timing for notification, and to be able                              to require additional information regarding major holdings not provided for by Directive 2004/109/EC. In particular, Member                              States should also be able to continue to apply laws, regulations or administrative provisions adopted in relation to takeover                              bids, merger transactions and other transactions affecting the ownership or control of companies supervised by the authorities                              appointed by Member States pursuant to Article 4 of Directive 2004/25/EC of the European Parliament and of the Council of                              21 April 2004 on takeover bids(7) that impose disclosure requirements more stringent than those in Directive 2004/109/EC.

(13)Technical standards should ensure consistent harmonisation of the regime for notification of major holdings and adequate transparency                              levels. It would be efficient and appropriate to entrust the European Supervisory Authority (European Securities and Markets                              Authority) (ESMA), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council(8), with the elaboration, for submission to the Commission, of draft regulatory technical standards which do not involve policy                              choices. The Commission should adopt the regulatory technical standards developed by ESMA to specify the conditions for the                              application of existing exemptions from the notification requirements for major holdings of voting rights. Using its expertise,                              ESMA should in particular determine the cases of exemptions while taking account of their possible misuse to circumvent notification                              requirements.

(14)In order to take account of technical developments, the power to adopt acts in accordance with Article 290 of the Treaty on                              the Functioning of the European Union (TFEU) should be delegated to the Commission to specify the contents of notification                              of major holdings of financial instruments. It is of particular importance that the Commission carry out appropriate consultations                              during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should                              ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.

(15)To facilitate cross-border investment, investors should be able to easily access regulated information for all listed companies                              in the Union. However, the current network of officially appointed national mechanisms for the central storage of regulated                              information does not ensure an easy search for such information across the Union. In order to ensure cross-border access to                              information and to take account of technical developments in financial markets and in communication technologies, the power                              to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission to specify minimum standards for dissemination                              of regulated information, access to regulated information at Union level and the mechanisms for the central storage of regulated                              information. The Commission, with assistance of ESMA, should also be empowered to take measures to improve the functioning                              of the network of officially appointed national storage mechanisms and to develop technical criteria for access to regulated                              information at Union level, in particular, concerning the operation of a central access point for the search for regulated                              information at Union level. ESMA should develop and operate a web portal serving as a European electronic access point (‘the                              access point’).

(16)In order to improve compliance with the requirements of Directive 2004/109/EC and following the communication from the Commission                              of 9 December 2010 entitled ‘Reinforcing sanctioning regimes in the financial sector’, the sanctioning powers should be enhanced                              and should satisfy certain essential requirements in relation to addressees, criteria to be taken into account when applying                              an administrative sanction or measure, key sanctioning powers and levels of administrative pecuniary sanctions. Those sanctioning                              powers should be available at least in case of breach of key provisions of Directive 2004/109/EC. Member States should also                              be able to exercise them in other circumstances. In particular, Member States should ensure that the administrative sanctions                              and measures that can be applied include the possibility of imposing pecuniary sanctions which are sufficiently high to be                              dissuasive. In the case of breaches by legal entities, Member States should be able to provide for the application of sanctions                              to members of administrative, management or supervisory bodies of the legal entity concerned or other individuals who can                              be held liable for those breaches under the conditions laid down in national law. Member States should also be able to provide                              for the suspension of, or for the possibility of suspending, the exercise of voting rights for holders of shares and financial                              instruments who do not comply with the notification requirements. Member States should be able to provide that the suspension                              of voting rights is to apply only to the most serious breaches. Directive 2004/109/EC should refer to both administrative                              sanctions and measures in order to cover all cases of non-compliance, irrespective of their qualification as a sanction or                              a measure under national law, and should be without prejudice to any provisions in the law of Member States relating to criminal                              sanctions.Member States should be able to provide for additional sanctions or measures and for higher levels of administrative pecuniary                              sanctions than those provided for in Directive 2004/109/EC, having regard to the need for sufficiently dissuasive sanctions                              in order to support clean and transparent markets. The provisions regarding sanctions, and those regarding the publication                              of administrative sanctions, do not constitute a precedent for other Union legislation, in particular for more serious regulatory                              breaches.

(17)In order to ensure that decisions imposing an administrative measure or sanction have a dissuasive effect on the public at                              large, they should normally be published. The publication of decisions is also an important tool to inform market participants                              of what behaviour is considered to be in violation of Directive 2004/109/EC and to promote wider good behaviour amongst market                              participants. However if the publication of a decision would seriously jeopardise the stability of the financial system or                              an ongoing official investigation or would, in so far as can be determined, cause disproportionate and serious damage to the                              institutions or individuals involved, or where, in the event that the sanction is imposed on a natural person, publication                              of personal data is shown to be disproportionate by an obligatory prior assessment of the proportionality of such publication,                              the competent authority should be able to decide to delay such publication or to publish the information on an anonymous basis.

(18)In order to clarify the treatment of non-listed securities represented by depository receipts admitted to trading on a regulated                              market and in order to avoid transparency gaps, the definition of ‘issuer’ should be further specified to include issuers                              of non-listed securities represented by depository receipts admitted to trading on a regulated market. It is also appropriate                              to amend the definition of ‘issuer’ taking into account the fact that in some Member States issuers of securities admitted                              to trading on a regulated market can be natural persons.

(19)Under Directive 2004/109/EC, in the case of a third-country issuer of debt securities the denomination per unit of which is                              less than EUR 1 000 or of shares, the issuer’s home Member State is the Member State referred to in point (1)(m)(iii) of Article                              2 of Directive 2003/71/EC of the European Parliament and of the Council(9). To clarify and simplify the determination of the home Member State of such third-country issuers, the definition of that                              term should be amended to establish that the home Member State is to be the Member State chosen by the issuer from amongst                              the Member States where its securities are admitted to trading on a regulated market.

(20)All issuers whose securities are admitted to trading on a regulated market within the Union should be supervised by a competent                              authority of a Member State to ensure that they comply with their obligations. Issuers who, under Directive 2004/109/EC, have                              to choose their home Member State but who have not done so, can avoid being supervised by any competent authority in the Union.                              Therefore, Directive 2004/109/EC should be amended to determine a home Member State for issuers that have not disclosed their                              choice of home Member State to the competent authorities within a three-month period. In such cases, the home Member State                              should be the Member State where the issuer’s securities are admitted to trading on a regulated market. Where the securities                              are admitted to trading on a regulated market in more than one Member State, all those Member States will be home Member States                              until the issuer chooses, and discloses, a single home Member State. This would become an incentive for such issuers to choose                              and disclose their choice of home Member State to the relevant competent authorities, and in the meantime competent authorities                              would no longer lack the necessary powers to intervene until an issuer has disclosed its choice of home Member State.

(21)Under Directive 2004/109/EC, in the case of an issuer of debt securities the denomination per unit of which is EUR 1 000 or                              more, the issuer’s choice of a home Member State is valid for three years. However, where an issuer’s securities are no longer                              admitted to trading on the regulated market in the issuer’s home Member State and remain admitted to trading in one or more                              host Member States, such issuer has no relationship with the home Member State originally chosen by it where that is not the                              Member State of its registered office. Such issuer should be able to choose one of its host Member States or the Member State                              where it has its registered office as its new home Member State before the expiration of the three-year period. The same possibility                              of choosing a new home Member State would also apply to a third-country issuer of debt securities the denomination per unit                              of which is less than EUR 1 000 or of shares whose securities are no longer admitted to trading on the regulated market in                              the issuer’s home Member State but remain admitted to trading in one or more host Member States.

(22)There should be consistency between Directives 2004/109/EC and 2003/71/EC concerning the definition of the home Member State.                              In this respect, in order to ensure supervision by the most relevant Member State, Directive 2003/71/EC should be amended                              to provide for greater flexibility for situations where the securities of an issuer incorporated in a third country are no                              longer admitted to trading on the regulated market in its home Member State but instead are admitted to trading in one or                              more other Member States.

(23)Commission Directive 2007/14/EC(10) contains, in particular, rules concerning the notification of the choice of the home Member State by the issuer. Those rules                              should be incorporated into Directive 2004/109/EC. To ensure that competent authorities of the host Member State(s) and of                              the Member State where the issuer has its registered office, where such Member State is neither home nor host Member State,                              are informed about the choice of home Member State by the issuer, all issuers should be required to communicate the choice                              of their home Member State to the competent authority of their home Member State, the competent authorities of all host Member                              States and the competent authority of the Member State where they have their registered office, where it is different from                              their home Member State. The rules concerning notification of the choice of home Member State should therefore be amended                              accordingly.

(24)The requirement under Directive 2004/109/EC regarding disclosure of new loan issues has led to many implementation problems                              in practice and its application is considered to be complex. Furthermore, that requirement overlaps partially with the requirements                              laid down in Directive 2003/71/EC and Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003                              on insider dealing and market manipulation (market abuse)(11) and it does not provide much additional information to the market. Therefore, and in order to reduce unnecessary administrative                              burdens for issuers, that requirement should be abolished.

(25)The requirement to communicate any amendment of an issuer’s instruments of incorporation or statutes to the competent authorities                              of the home Member State overlaps with the similar requirement under Directive 2007/36/EC of the European Parliament and of                              the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies(12) and can result in confusion regarding the role of the competent authority. Therefore, and in order to reduce unnecessary                              administrative burdens for issuers, that requirement should be abolished.

(26)A harmonised electronic format for reporting would be very beneficial for issuers, investors and competent authorities, since                              it would make reporting easier and facilitate accessibility, analysis and comparability of annual financial reports. Therefore,                              the preparation of annual financial reports in a single electronic reporting format should be mandatory with effect from 1                              January 2020, provided that a cost-benefit analysis has been undertaken by ESMA. ESMA should develop draft technical regulatory                              standards, for adoption by the Commission, to specify the electronic reporting format, with due reference to current and future                              technological options, such as eXtensible Business Reporting Language (XBRL). ESMA, when preparing the draft regulatory technical                              standards, should conduct open public consultations for all stakeholders concerned, make a thorough assessment of the potential                              impacts of the adoption of the different technological options, and conduct appropriate tests in Member States on which it                              should report to the Commission when it submits the draft regulatory technical standards. In developing the draft regulatory                              technical standards on the formats to be applied to banks and financial intermediaries and to insurance companies, ESMA should                              cooperate regularly and closely with the European Supervisory Authority (European Banking Authority) established by Regulation                              (EU) No 1093/2010 of the European Parliament and of the Council(13), and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation                              (EU) No 1094/2010 of the European Parliament and of the Council(14), in order to take into account the specific characteristics of those sectors, ensuring cross-sectoral consistency of work                              and reaching joint positions. The European Parliament and the Council should be able to object to the regulatory technical                              standards pursuant to Article 13(3) of Regulation (EU) No 1095/2010, in which case those standards should not enter into force.

(27)Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with                              regard to the processing of personal data and on the free movement of such data(15) and Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals                              with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data(16), are fully applicable to the processing of personal data for the purposes of this Directive.

(28)This Directive respects the fundamental rights and observes the principles recognised in the Charter of Fundamental Rights                              of the European Union as enshrined in the Treaty and has to be implemented in accordance with those rights and principles.

(29)Since the objective of this Directive, namely to harmonise the transparency requirements relating to information about issuers                              whose securities are admitted to trading on a regulated market, cannot be sufficiently achieved by the Member States and can                              therefore, by reason of its scale or effects, be better achieved at Union level, the Union may adopt measures, in accordance                              with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle                              of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve that                              objective.

(30)In accordance with the Joint Political Declaration of 28 September 2011 of Member States and the Commission on explanatory                              documents(17), Member States have undertaken to accompany, in justified cases, the notification of their transposition measures with one                              or more documents explaining the relationship between the components of a directive and the corresponding parts of national                              transposition instruments. With regard to this Directive, the legislator considers the transmission of such documents to be                              justified.

(31)Directives 2004/109/EC, 2003/71/EC and 2007/14/EC should therefore be amended accordingly,

HAVE ADOPTED THIS DIRECTIVE:

## Article 1U.K.Amendments to Directive 2004/109/EC

Directive 2004/109/EC is hereby amended as follows:

Article 2 is amended as follows:

paragraph 1 is amended as follows:

point (d) is replaced by the following:

“issuer” means a natural person, or a legal entity governed by private or public law, including a State, whose securities                                                            are admitted to trading on a regulated market.                                                      

In the case of depository receipts admitted to trading on a regulated market, the issuer means the issuer of the securities                                                            represented, whether or not those securities are admitted to trading on a regulated market;’;                                                      

point (i) is amended as follows:

in point (i), the second indent is replaced by the following:
                                  -  ‘where the issuer is incorporated in a third country, the Member State chosen by the issuer from amongst the Member States                                                                  where its securities are admitted to trading on a regulated market. The choice of home Member State shall remain valid unless                                                                  the issuer has chosen a new home Member State under point (iii) and has disclosed the choice in accordance with the second                                                                  paragraph of this point [letter] (i);’;                                                             

point (ii) is replaced by the following:

for any issuer not covered by point (i), the Member State chosen by the issuer from among the Member State in which the issuer                                                                     has its registered office, where applicable, and those Member States where its securities are admitted to trading on a regulated                                                                     market. The issuer may choose only one Member State as its home Member State. Its choice shall remain valid for at least three                                                                     years unless its securities are no longer admitted to trading on any regulated market in the Union or unless the issuer becomes                                                                     covered by points (i) or (iii) during the three-year period;’;                                                               

the following point is added:

for an issuer whose securities are no longer admitted to trading on a regulated market in its home Member State as defined                                                                     by the second indent of point (i) or (ii) but instead are admitted to trading in one or more other Member States, such new                                                                     home Member State as the issuer may choose from amongst the Member States where its securities are admitted to trading on                                                                     a regulated market and, where applicable, the Member State where the issuer has its registered office;’;                                                               

the following paragraphs are added:

‘An issuer shall disclose its home Member State as referred to in points (i), (ii) or (iii) in accordance with Articles 20                                                            and 21. In addition, an issuer shall disclose its home Member State to the competent authority of the Member State where it                                                            has its registered office, where applicable, to the competent authority of the home Member State and to the competent authorities                                                            of all host Member States.                                                      

In the absence of disclosure by the issuer of its home Member State as defined by the second indent of point (i) or (ii) within                                                            a period of three months from the date the issuers’ securities are first admitted to trading on a regulated market, the home                                                            Member State shall be the Member State where the issuer’s securities are admitted to trading on a regulated market. Where                                                            the issuer’s securities are admitted to trading on regulated markets situated or operating within more than one Member State,                                                            those Member States shall be the issuer’s home Member States until a subsequent choice of a single home Member State has been                                                            made and disclosed by the issuer.                                                      

For an issuer whose securities are already admitted to trading on a regulated market and whose choice of home Member State                                                            as referred to in the second indent of point (i) or in point (ii) has not been disclosed prior to 27 November 2015, the period                                                            of three months shall start on 27 November 2015.                                                      

An issuer that has made a choice of a home Member State as referred to in the second indent of point (i) or in point (ii)                                                            or (iii) and has communicated that choice to the competent authorities of the home Member State prior to 27 November 2015                                                            shall be exempted from the requirement under the second paragraph of this point [letter] (i), unless such issuer chooses another                                                            home Member State after 27 November 2015’;                                                      

the following point is added:

“formal agreement” means an agreement which is binding under the applicable law.’;                                                      

the following paragraph is inserted:

‘2a.Any reference to legal entities in this Directive shall be understood as including registered business associations without                                             legal personality and trusts.’;                                    

Article 3 is amended as follows:

paragraph 1 is replaced by the following:

‘1.The home Member State may make an issuer subject to requirements more stringent than those laid down in this Directive, except                                             that it may not require issuers to publish periodic financial information on a more frequent basis than the annual financial                                             reports referred to in Article 4 and the half-yearly financial reports referred to in Article 5.’;                                    

the following paragraph is inserted:

‘1a.By way of derogation from paragraph 1, the home Member States may require issuers to publish additional periodic financial                                             information on a more frequent basis than the annual financial reports referred to in Article 4 and the half-yearly financial                                             reports referred to in Article 5, where the following conditions are met:                                    
                      -  the additional periodic financial information does not constitute a disproportionate financial burden in the Member State                                                concerned, in particular for the small and medium-sized issuers concerned, and                                           
                      -  the content of the additional periodic financial information required is proportionate to the factors that contribute to investment                                                decisions by the investors in the Member State concerned.                                           

Before taking a decision requiring issuers to publish additional periodic financial information, Member States shall assess                                          both whether such additional requirements may lead to an excessive focus on the issuers’ short-term results and performance                                          and whether they may impact negatively on the ability of small and medium-sized issuers to have access to the regulated markets.                                    

This is without prejudice to the ability of Member States to require the publication of additional periodic financial information                                          by issuers who are financial institutions.                                    

The home Member State may not make a holder of shares, or a natural person or legal entity referred to in Article 10 or 13,                                          subject to requirements more stringent than those laid down in this Directive, except when:                                    

setting lower or additional notification thresholds than those laid down in Article 9(1) and requiring equivalent notifications                                                   in relation to thresholds based on capital holdings;                                             

applying more stringent requirements than those referred to in Article 12; or                                             

applying laws, regulations or administrative provisions adopted in relation to takeover bids, merger transactions and other                                                   transactions affecting the ownership or control of companies, supervised by the authorities appointed by Member States pursuant                                                   to Article 4 of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(18).’;                                             

Article 4 is amended as follows:

paragraph 1 is replaced by the following:

‘1.The issuer shall make public its annual financial report at the latest four months after the end of each financial year and                                             shall ensure that it remains publicly available for at least 10 years.’;                                    

the following paragraph is added:

‘7.With effect from 1 January 2020 all annual financial reports shall be prepared in a single electronic reporting format provided                                             that a cost-benefit analysis has been undertaken by the European Supervisory Authority (European Securities and Markets Authority)                                             (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council(19).                                    

ESMA shall develop draft regulatory technical standards to specify the electronic reporting format, with due reference to                                          current and future technological options. Before the adoption of the draft regulatory technical standards, ESMA shall carry                                          out an adequate assessment of possible electronic reporting formats and conduct appropriate field tests. ESMA shall submit                                          those draft regulatory technical standards to the Commission at the latest by 31 December 2016.                                    

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in                                          accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;                                    

in Article 5, paragraph 1 is replaced by the following:

‘1.The issuer of shares or debt securities shall make public a half-yearly financial report covering the first six months of                                    the financial year as soon as possible after the end of the relevant period, but at the latest three months thereafter. The                                    issuer shall ensure that the half-yearly financial report remains available to the public for at least 10 years.’;                           

Article 6 is replaced by the following:

### ‘Article 6Report on payments to governments

Member States shall require issuers active in the extractive or logging of primary forest industries, as defined in Article                                 41(1) and (2) of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial                                 statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC                                 of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC(20), to prepare on an annual basis, in accordance with Chapter 10 of that Directive, a report on payments made to governments.                                 The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available                                 for at least 10 years. Payments to governments shall be reported at consolidated level.’;                           

Article 8 is amended as follows:

paragraph 1 is replaced by the following:

‘1.Articles 4 and 5 shall not apply to the following issuers:                                    

(a)a State, a regional or local authority of a State, a public international body of which at least one Member State is a member,                                             the European Central Bank (ECB), the European Financial Stability Facility (EFSF) established by the EFSF Framework Agreement                                             and any other mechanism established with the objective of preserving the financial stability of European monetary union by                                             providing temporary financial assistance to the Member States whose currency is the euro and Member States’ national central                                             banks whether or not they issue shares or other securities; and                                    

(b)an issuer exclusively of debt securities admitted to trading on a regulated market, the denomination per unit of which is                                             at least EUR 100 000 or, in the case of debt securities denominated in a currency other than euro, the value of such denomination                                             per unit is, at the date of the issue, equivalent to at least EUR 100 000.’;                                    

paragraph 4 is replaced by the following:

‘4.By way of derogation from point (b) of paragraph 1 of this Article, Articles 4 and 5 shall not apply to issuers exclusively                                             of debt securities the denomination per unit of which is at least EUR 50 000 or, in the case of debt securities denominated                                             in a currency other than euro, the value of such denomination per unit is, at the date of the issue, equivalent to at least                                             EUR 50 000, which have already been admitted to trading on a regulated market in the Union before 31 December 2010, for as                                             long as such debt securities are outstanding.’;                                    

Article 9 is amended as follows:

paragraph 6 is replaced by the following:

‘6.This Article shall not apply to voting rights held in the trading book, as defined in Article 11 of Directive 2006/49/EC of                                             the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions(21), of a credit institution or investment firm provided that:                                    

(a)the voting rights held in the trading book do not exceed 5 %; and                                    

(b)the voting rights attached to shares held in the trading book are not exercised or otherwise used to intervene in the management                                             of the issuer.’;                                    

the following paragraphs are inserted:

‘6a.This Article shall not apply to voting rights attached to shares acquired for stabilisation purposes in accordance with Commission                                             Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council                                             as regards exemptions for buy-back programmes and stabilisation of financial instruments(22), provided the voting rights attached to those shares are not exercised or otherwise used to intervene in the management of                                             the issuer.                                    

6b.ESMA shall develop draft regulatory technical standards to specify the method of calculation of the 5 % threshold referred                                             to in paragraphs 5 and 6, including in the case of a group of companies, taking into account Article 12(4) and (5).                                    

ESMA shall submit those draft regulatory technical standards to the Commission by 27 November 2014.                                    

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in                                          accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;                                    

in Article 12(2), the introductory wording is replaced by the following:

‘The notification to the issuer shall be effected promptly, but not later than four trading days after the date on which the                                 shareholder, or the natural person or legal person referred to in Article 10,’;                           

Article 13 is amended as follows:

paragraph 1 is replaced by the following:

‘1.The notification requirements laid down in Article 9 shall also apply to a natural person or legal entity who holds, directly                                             or indirectly:                                    

(a)financial instruments that, on maturity, give the holder, under a formal agreement, either the unconditional right to acquire                                             or the discretion as to his right to acquire, shares to which voting rights are attached, already issued, of an issuer whose                                             shares are admitted to trading on a regulated market;                                    

(b)financial instruments which are not included in point (a) but which are referenced to shares referred to in that point and                                             with economic effect similar to that of the financial instruments referred to in that point, whether or not they confer a                                             right to a physical settlement.                                    

The notification required shall include the breakdown by type of financial instruments held in accordance with point (a) and                                          financial instruments held in accordance with point (b) of that subparagraph, distinguishing between the financial instruments                                          which confer a right to a physical settlement and the financial instruments which confer a right to a cash settlement.’;                                    

the following paragraphs are inserted:

‘1a.The number of voting rights shall be calculated by reference to the full notional amount of shares underlying the financial                                             instrument except where the financial instrument provides exclusively for a cash settlement, in which case the number of voting                                             rights shall be calculated on a “delta-adjusted” basis, by multiplying the notional amount of underlying shares by the delta                                             of the instrument. For this purpose, the holder shall aggregate and notify all financial instruments relating to the same                                             underlying issuer. Only long positions shall be taken into account for the calculation of voting rights. Long positions shall                                             not be netted with short positions relating to the same underlying issuer.                                    

ESMA shall develop draft regulatory technical standards to specify:                                    

(a)the method for calculating the number of voting rights referred to in the first subparagraph in the case of financial instruments                                             referenced to a basket of shares or an index; and                                    

(b)the methods for determining delta for the purposes of calculating voting rights relating to financial instruments which provide                                             exclusively for a cash settlement as required by the first subparagraph.                                    

ESMA shall submit those draft regulatory technical standards to the Commission by 27 November 2014.                                    

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph of                                          this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.                                    

1b.For the purposes of paragraph 1, the following shall be considered to be financial instruments, provided they satisfy any                                             of the conditions set out in points (a) or (b) of the first subparagraph of paragraph 1:                                    

(a)transferable securities;                                    

(b)options;                                    

(c)futures;                                    

(d)swaps;                                    

(e)forward rate agreements;                                    

(f)contracts for differences; and                                    

(g)any other contracts or agreements with similar economic effects which may be settled physically or in cash.                                    

ESMA shall establish and periodically update an indicative list of financial instruments that are subject to notification                                          requirements pursuant to paragraph 1, taking into account technical developments on financial markets.’;                                    

paragraph 2 is replaced by the following:

‘2.The Commission shall be empowered to adopt, by means of delegated acts in accordance with Article 27(2a), (2b) and (2c), and                                             subject to the conditions laid down by Articles 27a and 27b, the measures to specify the contents of the notification to be                                             made, the notification period and to whom the notification is to be made as referred to in paragraph 1.’;                                    

the following paragraph is added:

‘4.The exemptions laid down in Article 9(4), (5) and (6) and in Article 12(3), (4) and (5) shall apply *mutatis mutandis* to the notification requirements under this Article.                                    

ESMA shall develop draft regulatory technical standards to specify the cases in which the exemptions referred to in the first                                          subparagraph apply to financial instruments held by a natural person or a legal entity fulfilling orders received from clients                                          or responding to a client’s requests to trade otherwise than on a proprietary basis, or hedging positions arising out of such                                          dealings.                                    

ESMA shall submit those draft regulatory technical standards to the Commission by 27 November 2014.                                    

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph of                                          this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;                                    

the following article is inserted:

### ‘Article 13aAggregation

1.The notification requirements laid down in Articles 9, 10 and 13 shall also apply to a natural person or a legal entity when                                    the number of voting rights held directly or indirectly by such person or entity under Articles 9 and 10 aggregated with the                                    number of voting rights relating to financial instruments held directly or indirectly under Article 13 reaches, exceeds or                                    falls below the thresholds set out in Article 9(1).                           

The notification required under the first subparagraph of this paragraph shall include a breakdown of the number of voting                                 rights attached to shares held in accordance with Articles 9 and 10 and voting rights relating to financial instruments within                                 the meaning of Article 13.                           

2.Voting rights relating to financial instruments that have already been notified in accordance with Article 13 shall be notified                                    again when the natural person or the legal entity has acquired the underlying shares and such acquisition results in the total                                    number of voting rights attached to shares issued by the same issuer reaching or exceeding the thresholds laid down by Article                                    9(1).’;                           

Article 16(3) is deleted;

in Article 19(1), the second subparagraph is deleted;

Article 21(4) is replaced by the following:

‘4.The Commission shall be empowered to adopt, by means of delegated acts in accordance with Article 27(2a), (2b) and (2c), and                                    subject to the conditions laid down in Articles 27a and 27b, measures to specify the following:                           

(a)minimum standards for the dissemination of regulated information, as referred to in paragraph 1;                           

(b)minimum standards for the central storage mechanisms as referred to in paragraph 2;                           

(c)rules to ensure the interoperability of the information and communication technologies used by the mechanisms referred to                                    in paragraph 2 and access to regulated information at the Union level, referred to therein.                           

The Commission may also specify and update a list of media for the dissemination of information to the public.’;                           

the following article is inserted:

### ‘Article 21aEuropean electronic access point

1.A web portal serving as a European electronic access point (“the access point”) shall be established by 1 January 2018. ESMA                                    shall develop and operate the access point.                           

2.The system of interconnection of officially appointed mechanisms shall be composed of:                           
                -  the mechanisms referred to in Article 21(2),                                  
                -  the portal serving as the European electronic access point.                                  

3.Member States shall ensure access to their central storage mechanisms via the access point.’;                           

Article 22 is replaced by the following:

### ‘Article 22Access to regulated information at Union level

1.ESMA shall develop draft regulatory technical standards setting technical requirements regarding access to regulated information                                    at Union level in order to specify the following:                           

(a)the technical requirements regarding communication technologies used by the mechanisms referred to in Article 21(2);                           

(b)the technical requirements for the operation of the central access point for the search for regulated information at Union                                    level;                           

(c)the technical requirements regarding the use of a unique identifier for each issuer by the mechanisms referred to in Article                                    21(2);                           

(d)the common format for the delivery of regulated information by the mechanisms referred to in Article 21(2);                           

(e)the common classification of regulated information by the mechanisms referred to in Article 21(2) and the common list of types                                    of regulated information.                           

2.In developing the draft regulatory technical standards, ESMA shall take into account the technical requirements for the system                                    of interconnection of business registers established by Directive 2012/17/EU of the European Parliament and of the Council(23).                           

ESMA shall submit those draft regulatory technical standards to the Commission by 27 November 2015.                           

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph of                                 this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;                           

in Article 23(1), the following subparagraph is added:

‘The information covered by the requirements laid down in the third country shall be filed in accordance with Article 19 and                                 disclosed in accordance with Articles 20 and 21.’;                           

in Article 24, the following paragraphs are inserted:

‘4a.Without prejudice to paragraph 4, competent authorities shall be given all investigative powers that are necessary for the                                    exercise of their functions. Those powers shall be exercised in conformity with national law.                           

4b.Competent authorities shall exercise their sanctioning powers, in accordance with this Directive and national law, in any                                    of the following ways:                           
                -  directly,                                  
                -  in collaboration with other authorities,                                  
                -  under their responsibility by delegation to such authorities,                                  
                -  by application to the competent judicial authorities.’;                                  

in Article 25(2), the following subparagraph is added:

‘In the exercise of their sanctioning and investigative powers, competent authorities shall cooperate to ensure that sanctions                                 or measures produce the desired results, and shall coordinate their action when dealing with cross-border cases.’;                           

the following title is inserted after Article 27b:

### ‘CHAPTER VIAU.K.**SANCTIONS AND MEASURES’;**

Article 28 is replaced by the following:

### ‘Article 28Administrative measures and sanctions

1.Without prejudice to the powers of competent authorities in accordance with Article 24 and the right of Member States to provide                                    for and impose criminal sanctions, Member States shall lay down rules on administrative measures and sanctions applicable                                    to breaches of the national provisions adopted in transposition of this Directive and shall take all measures necessary to                                    ensure that they are implemented. Those administrative measures and sanctions shall be effective, proportionate and dissuasive.                           

2.Without prejudice to Article 7, Member States shall ensure that where obligations apply to legal entities, in the event of                                    a breach, sanctions can be applied, subject to the conditions laid down in national law, to the members of administrative,                                    management or supervisory bodies of the legal entity concerned, and to other individuals who are responsible for the breach                                    under national law.’;                           

the following articles are inserted:

### ‘Article 28aBreaches

Article 28b shall apply at least to the following breaches:                           

failure by the issuer to make public, within the required time limit, information required under the national provisions adopted                                          in transposition of Articles 4, 5, 6, 14 and 16;                                    

failure by the natural or the legal person to notify, within the required time limit, the acquisition or disposal of a major                                          holding in accordance with the national provisions adopted in transposition of Articles 9, 10, 12, 13 and 13a.                                    

### Article 28bSanctioning powers

1.In the case of breaches referred to in Article 28a, competent authorities shall have the power to impose at least the following                                    administrative measures and sanctions:                           

(a)a public statement indicating the natural person or the legal entity responsible and the nature of the breach;                           

(b)an order requiring the natural person or the legal entity responsible to cease the conduct constituting the breach and to                                    desist from any repetition of that conduct;                           

(c)administrative pecuniary sanctions of;                           

in the case of a legal entity,                                    
                      -  up to EUR 10 000 000 or up to 5 % of the total annual turnover according to the last available annual accounts approved by                                                the management body; where the legal entity is a parent undertaking or a subsidiary of a parent undertaking which has to prepare                                                consolidated financial accounts pursuant to Directive 2013/34/EU, the relevant total turnover shall be the total annual turnover                                                or the corresponding type of income pursuant to the relevant accounting Directives according to the last available consolidated                                                annual accounts approved by the management body of the ultimate parent undertaking, or                                           
                      -  up to twice the amount of the profits gained or losses avoided because of the breach, where those can be determined,                                           

whichever is higher;                                    

in the case of a natural person:                                    
                      -  up to EUR 2 000 000, or                                           
                      -  up to twice the amount of the profits gained or losses avoided because of the breach, where those can be determined,                                           

whichever is higher.                                    

In Member States where the euro is not the official currency, the corresponding value to euro in the national currency shall                                 be calculated taking into account the official exchange rate on the date of entry into force of Directive 2013/50/EU of the                                 European Parliament and of the Council of 22 October 2013 amending Directive 2004/109/EC of the European Parliament and of                                 the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are                                 admitted to trading on a regulated market, Directive 2003/71/EC of the European Parliament and of the Council on the prospectus                                 to be published when securities are offered to the public or admitted to trading and Commission Directive 2007/14/EC laying                                 down detailed rules for the implementation of certain provisions of Directive 2004/109/EC(24).                           

2.Without prejudice to the powers of competent authorities under Article 24 and the right of Member States to impose criminal                                    sanctions, Member States shall ensure that their laws, regulations or administrative provisions provide for the possibility                                    of suspending the exercise of voting rights attached to shares in the event of breaches as referred to in point (b) of Article                                    28a. Member States may provide that the suspension of voting rights is to apply only to the most serious breaches.                           

3.Member States may provide for additional sanctions or measures and for higher levels of administrative pecuniary sanctions                                    than those provided for in this Directive.                           

### Article 28cExercise of sanctioning powers

1.Member States shall ensure that, when determining the type and level of administrative sanctions or measures, the competent                                    authorities take into account all relevant circumstances, including where appropriate:                           

(a)the gravity and the duration of the breach;                           

(b)the degree of responsibility of the natural person or legal entity responsible;                           

(c)the financial strength of the natural person or legal entity responsible, for example as indicated by the total turnover of                                    the legal entity responsible or the annual income of the natural person responsible;                           

(d)the importance of profits gained or losses avoided by the natural person or legal entity responsible, in so far as they can                                    be determined;                           

(e)the losses sustained by third parties as a result of the breach, in so far as they can be determined;                           

(f)the level of cooperation of the natural person or legal entity responsible with the competent authority;                           

(g)previous breaches by the natural person or legal entity responsible.                           

2.The processing of personal data collected in or for the exercise of the supervisory and investigatory powers in accordance                                    with this Directive shall be carried out in accordance with Directive 95/46/EC and Regulation (EC) No 45/2001 where relevant.’;                           

the following title is inserted before Article 29:

### ‘CHAPTER VIBU.K.**PUBLICATION OF DECISIONS’;**

Article 29 is replaced by the following:

### ‘Article 29Publication of decisions

1.Member States shall provide that competent authorities are to publish every decision on sanctions and measures imposed for                                    a breach of this Directive without undue delay, including at least information on the type and nature of the breach and the                                    identity of natural persons or legal entities responsible for it.                           

However, competent authorities may delay publication of a decision, or may publish the decision on an anonymous basis in a                                 manner which is in conformity with national law, in any of the following circumstances:                           

(a)where, in the event that the sanction is imposed on a natural person, publication of personal data is found to be disproportionate                                    by an obligatory prior assessment of the proportionality of such publication;                           

(b)where publication would seriously jeopardise the stability of the financial system or an ongoing official investigation;                           

(c)where publication would, in so far as can be determined, cause disproportionate and serious damage to the institutions or                                    natural persons involved.                           

2.If an appeal is submitted against the decision published under paragraph 1, the competent authority shall be obliged either                                    to include information to that effect in the publication at the time of the publication or to amend the publication if the                                    appeal is submitted after the initial publication.’;                           

Article 31(2) is replaced by the following:

‘2.Where Member States adopt measures pursuant to Article 3(1), 8(2) or 8(3) or Article 30, they shall immediately communicate                                    those measures to the Commission and to the other Member States.’.                           

## Article 2U.K.Amendments to Directive 2003/71/EC

Point (1)(m)(iii) of Article 2 of Directive 2003/71/EC is replaced by the following:

for all issuers of securities incorporated in a third country which are not mentioned in point (ii), the Member State where                                 the securities are intended to be offered to the public for the first time after the date of entry into force of Directive                                 2013/50/EU of the European Parliament and of the Council of 22 October 2013 amending Directive 2004/109/EC of the European                                 Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose                                 securities are admitted to trading on a regulated market, Directive 2003/71/EC of the European Parliament and of the Council                                 on the prospectus to be published when securities are offered to the public or admitted to trading and Commission Directive                                 2007/14/EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC(25) or where the first application for admission to trading on a regulated market is made, at the choice of the issuer, the offeror                                 or the person asking for admission, as the case may be, subject to a subsequent election by issuers incorporated in a third                                 country in the following circumstances:                           
                -  where the home Member State was not determined by their choice, or                                  
                -  in accordance with Point (1)(i)(iii) of Article 2 of 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(26).’.                                  

## Article 3U.K.Amendments to Directive 2007/14/EC

Directive 2007/14/EC is hereby amended as follows:

Article 2 is deleted;

in Article 11, paragraphs 1 and 2 are deleted;

Article 16 is deleted.

## Article 4U.K.Transposition

1.Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive                        within a period of 24 months from the date of its entry into force. They shall immediately inform the Commission thereof.                  

When Member States adopt those measures, they shall contain a reference to this Directive or shall be accompanied by such                     a reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member                     States.                  

2.Member States shall communicate to the Commission the text of the main measures of national law which they adopt in the field                        covered by this Directive.                  

## Article 5U.K.Review

By 27 November 2015, the Commission shall report on the operation of this Directive to the European Parliament and the Council,                     including on its impact on small and medium-sized issuers and on the application of sanctions, in particular whether they                     are effective, proportionate and dissuasive, and shall review the functioning and assess the effectiveness of the retained                     method for the purposes of calculating the number of voting rights relating to the financial instruments referred to in the                     first subparagraph of Article 13(1a) of Directive 2004/109/EC.                  

The report shall be submitted together with a legislative proposal, if appropriate.

## Article 6U.K.Entry into force

This Directive shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.                  

## Article 7U.K.Addressees

This Directive is addressed to the Member States.

Done at Strasbourg, 22 October 2013.

*For the European Parliament*                            

*The President*                            

M. Schulz                            

*For the Council*                            

*The President*                            

V. Leškevičius                            

1

OJ C 93, 30.3.2012, p. 2.                           

2

OJ C 143, 22.5.2012, p. 78.                           

3

Position of the European Parliament of 12 June 2013 (not yet published in the Official Journal) and decision of the Council                              of 17 October 2013.                           

4

OJ L 390, 31.12.2004, p. 38.                           

5

OJ L 295, 12.11.2010, p. 23.                           

6

OJ L 182, 29.6.2013, p. 19.                           

7

OJ L 142, 30.4.2004, p. 12.                           

8

OJ L 331, 15.12.2010, p. 84.                           

9

OJ L 345, 31.12.2003, p. 64.                           

10

OJ L 69, 9.3.2007, p. 27.                           

11

OJ L 96, 12.4.2003, p. 16.                           

12

OJ L 184, 14.7.2007, p. 17.                           

13

OJ L 331, 15.12.2010, p. 12.                           

14

OJ L 331, 15.12.2010, p. 48.                           

15

OJ L 281, 23.11.1995, p. 31.                           

16

OJ L 8, 12.1.2001, p. 1.                           

17

OJ C 369, 17.12.2011, p. 14.                           

18

OJ L 142, 30.4.2004, p. 12.’;                           

19

OJ L 331, 15.12.2010, p. 84.’;                           

20

OJ L 182, 29.6.2013, p. 19.’;                           

21

OJ L 177, 30.6.2006, p. 201.’;                           

22

OJ L 336, 23.12.2003, p. 33.’;                           

23

OJ L 156, 16.6.2012, p. 1.’;                           

24

OJ L 294, 6.11.2013, p. 13.’;                           

25

OJ L 294, 6.11.2013, p. 13.                           

26

OJ L 390, 31.12.2004, p. 38.’.