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- Partnership Will Combine Dissemination in France and Across the EU, to Provide a Transparency Obligations Directive Compliant Solution
PR Newswire, the world's leading disclosure and corporate news distribution service and Les Echos, the leading French financial newspaper and website (http://www.Lesechos.fr) today announced a partnership that will provide listed companies in France with a disclosure service that is compliant with the Transparency Obligations Directive, due to be implemented in January 2007.
"In light of the new EU regulations, listed companies in France will be re-assessing both their disclosure obligations and how to fulfil them," according to Lisa Ashworth, CEO, PR Newswire Europe. "This partnership with Les Echos and Lesechos.fr will provide French clients with access to EU wide dissemination through Les Echos' Entreprises integrated platform. This further strengthens PR Newswire's global position as the market leader in the investor relations and media communications industry."
By combining the expertise of both PR Newswire's global communications services with Les Echos' French network and client base, French companies will now be able to ensure their compliance with new European regulation.
Ashworth is focused on the customer opportunity this partnership will bring, "The combination of PR Newswire's experience as the leading global regulatory and general news distributor, allied with Les Echos' position as the primary provider of existing, newspaper advertisement-based obligations, will result in the most comprehensive and effective disclosure and new distribution solutions for customers in the region."
Philippe Jannet, Managing Director of Electronic publishing for Les Echos says, "Les Echos is delighted to have this arrangement with PR Newswire, which will give French issuers compliance with transparency regulations in Europe."
As the only corporate news distributor on the Committee of European Securities Regulators (CESR) Consultative Working Group on the Transparency Obligations Directive (TOD), PR Newswire has played a critical role in shaping the European Union's forthcoming Directive, scheduled to go into effect in January 2007.
TOD is part of a series of measures passed by the European Commission designed to establish a level playing field in the European financial services markets. Specifically, TOD is focused on ensuring that issuers meet certain minimum standards of disclosure when disseminating price-sensitive news and information. Paramount to this mandate is that information be disseminated throughout the European Union in a manner that supports simultaneous delivery, thereby providing institutional and retail investors, the media and the general public equal access to material news the moment it is announced.
Mark Hynes, PR Newswire's Managing Director of Global Investor Relations Services, said, "When the European Union first proposed the Transparency Directive, PR Newswire took the initiative to counsel those involved in drafting the legislation on the importance of promoting widespread disclosure. Today, as the European Union prepares for the TOD, PR Newswire has again assumed a leadership position by offering a means for companies throughout the EU to disseminate information on both a local and wide scale basis."
This partnership is at the forefront of numerous announcements PR Newswire will be making in the forthcoming months, to ensure customers compliancy with the new EU directives.
About PR Newswire
Now in its 52nd year, PR Newswire (http://www.prnewswire.com and http://www.prnewswire.co.uk) provides electronic distribution, targeting, measurement and broadcast services on behalf of some 40,000 corporate, government, association, trade, non-profit, and other customers worldwide. Using PR Newswire, these organisations reach a variety of critical audiences including the news media, the investment community, government decision-makers, and the general public with their up-to-the-minute, full-text news developments.
Established in 1954, PR Newswire has offices in 11 countries and routinely sends its customers' news to outlets in 135 countries and in more than 40 languages. Utilising the latest in communications technology, PR Newswire content is considered a mainstay among news reporters, investors and individuals who seek breaking news from the source. PR Newswire is a subsidiary of United Business Media plc of London.
About LES ECHOS
Founded in 1908, the French daily newspaper Les Echos is the paper of reference for business leaders.
Les Echos has a circulation of 140,313 (OJD 2005) and is read by 579,000 business leaders and decision-makers (IPSOS FCA 2006). The editorial staff is made up of 180 journalists (with 10 foreign correspondents) and approximately 40 regional correspondents.
Created in 1996, Lesechos.fr is the leading French business and financial web site. It provides all the up-to-date financial news and related data, including the markets and business information. Lesechos.fr was the first information website in Europe, exploring an hybrid model (free content paid by advertising and content reserved to website subscribers). Today Lesechos.fr have more than 25 000 subscribers, more than 1,2 million unique visitors/month and is one of the rare information website to be profitable. http://www.lesechos.fr
ots Originaltext: PR Newswire Europe and Les Echos
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