The new law transposes into the national legislation the provisions of the:
- Directive 2013/50/EU of the European Parliament and of the Council from 22 October 2013 amending the Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of the transparency requirements in relation to the 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 regarding the implementation of certain provisions of Directive 2004/109/E
- Directive 2014/57/EU of the European Parliament and of the Council on the criminal sanctions for market abuse (market abuse directive)
- EU Directive 2015/2392 on Regulation (EU) No 596/2014 of the European Parliament and of the Council with regards to reporting to competent authorities of actual or potential infringements of that regulation
- Harmonization with the Regulation (EU) No 596/2014 of the European Parliament and of the Council on the market abuse
- Inclusion on the new law of provisions from the current Capital Market Law 297/2004, regarding the good functionalities of the operations on the capital market and the adequate protection of the investors.
The law will become effective starting from the 1 April 2017.
Impact on investors: The new law on the issuers of financial instruments and market operations was officially published and will become effective starting from 1 April 2017.