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PR Newswire Launches Pan-European Disclosure Network
London (ots/PRNewswire) -
- New Service Will Enable European Companies to Comply With the Transparency Obligations Directive
PR Newswire, the world's leading disclosure and corporate news distribution service, today announced it will provide listed companies in Europe with a disclosure service that is compliant with the Transparency Obligations Directive, due to be implemented this month.
PR Newswire's TOD Wire, as the new service is called, will facilitate listed companies' compliance with the new regulations required by TOD, while also helping them satisfy best practices in communicating with institutional and retail investors across the EU, according to Lisa Ashworth, CEO PR Newswire Europe.
Regulators across the European Union (EU) are beginning a staggered implementation of the Transparency Obligations Directive (TOD) beginning on January 20th. The first countries to implement TOD will be the UK, Germany, France, Finland, Ireland, Malta, Portugal and the Netherlands. TOD is the latest component of the European Union's Financial Services Action Plan, which to date has given rise to 39 new Directives.
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 and brings numerous changes for listed companies in areas such as the timing and content of annual and interim reports and the disclosure of major shareholdings by investors. 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.
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 EU's forthcoming directive. With limited guidance from regulators as to the requirements of TOD in some member states, listed companies may find it difficult to determine what is needed to comply. To assist with this, PR Newswire has taken the lead in developing its TOD Wire, which will include dedicated links to the major equity terminals, key European financial websites and newspapers in all 27 EU member countries. This extensive network will help ensure customer compliance and enhanced coverage of time sensitive and business critical news, and further strengthens PR Newswire's global position as the market leader in the investor relations and media communications industries.
In December 2006 PR Newswire announced a partnership with Les Echos, the leading French financial newspaper and website (Lesechos.fr), to assist French companies in their compliance with the new European regulations. The Les Echos partnership is one of many PR Newswire has developed. Other notable partners include; OMX the Nordic and Baltic Stock Exchange, news aktuell the German news agency DPA's commercial arm, ANP the Dutch News Agency and Belga the Belgian news agency.
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."
About PR Newswire
Now in its 53rd year, PR Newswire (http://www.prnewswire.com and http://www.prnewswire.co.uk) provides electronic distribution, targeting, measurement and broadcast services on behalf of tens of thousands of 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.
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.
LONDON, January 20 /PRNewswire/ --
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