SIA Submits Comments to the European Parliament on the EU Transparency Obligations Directive

The Securities Industry Association (SIA)* provides comments to the European Parliament on the European Union (EU) Transparency Obligations Directive (TOD). SIAshares concernsabout the European Commission’s draft of the TOD’s impact on third country issuers, and the resulting impact on Europe’s capital markets. TOD would require non-EU issuers of securities listed on an EU exchange to produce annual and half-yearly financial statements and reports prepared under International Accounting Standards and EU audit standards. SIA believes these additional costs could drive away U.S. issuers from the EU market, thus reducing investment choice for EU investors, lessening the attractiveness to foreign issuers of listing in the EU, and potentially diminishing the vibrancy and liquidity of the EU capital markets.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Markets Association (TBMA) in 2006.