On 19 May 2016, the Commission published the final draft text of its delegated regulation supplementing the Transparency Directive with regard to regulatory technical standards on access to regulated information at Union level. The draft is substantially the same as the draft submitted by ESMA to the Commission in September 2015. The publication of the regulation in the Official Journal and its entry into force are subject to the European Parliament and Council not opposing the regulation.

For a summary of the previous draft submitted by ESMA on 28 September 2015, please see our Q3 2015 Governance and Securities Law Focus newsletter available here:

http://www.shearman.com/~/media/Files/NewsInsights/Publications/2015/10/Governance-and-Securities-Law-Focus-CM-101315.pdf

The final draft text of the Commission delegated regulation can be accessed here:

https://ec.europa.eu/transparency/regdoc/rep/3/2016/EN/3-2016-2887-EN-F1-1.PDF

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.