Transparency Obligations of Listed Companies According to Greek Law
Effie Meridou, Head of Legal, SATO SA, Greece
This paper examines the disclosure obligations of publicly listed companies as stipulated by Greek Law N. 3556/2007 (O.J. 91/A/2007), implementing Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonization of transparency requirements (the Transparency Directive), Law N. 3340/2005 (O.J. 112/A/2005) implementing Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (Market Abuse Directive), the relevant decisions of the Hellenic Capital Market Commission and the Athens Stock Exchange Regulation. It provides an overview of the most important requirements relating to periodic financial reporting, ongoing disclosure obligations concerning direct or indirect transactions of major shareholders, as well as the dissemination of inside and regulated information and corporate governance issues. Moreover, it gives focus on the interaction between the legal regimes and the impact of the legislative framework on the companies and the investors.
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