On 30 June 2005 CESR published its final advice on Level 2 implementing measures to implement the Transparency Directive. The advice covers: (1) the dissemination of regulated information; (2) notification of major holdings of voting rights; (3) half yearly financial reports; (4) equivalence of transparency requirements for third countries issuers; and (5) the procedural arrangements whereby an issuer may elect its home Member State competent authority for the purposes of the Directive.