Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on an EU regulated market.

The Transparency Directive came into force on 20 January 2005 and is complemented by Directive 2007/14/EC which lays down detailed rules for its implementation. The Transparency Directive had to be implemented by member states into national law by 20 January 2007.

For further information, see Practice note, Transparency Directive: overview.