Updated 15/01/2025
In force

Version from: 26/11/2013
Amendments
QA2034 - Transparency
Status: Final
Answered: 23/10/2015
Art. 12(4)
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TD ToolDirective 2007/14/EC
Article 12

Article 12 - (Article 21(1) of Directive 2004/109/EC)

Article 12

1.  
The dissemination of regulated information for the purposes of Article 21(1) of Directive 2004/109/EC shall be carried out in compliance with the minimum standards set out in paragraphs 2 to 5.
2.  
Regulated information shall be disseminated in a manner ensuring that it is capable of being disseminated to as wide a public as possible, and as close to simultaneously as possible in the home Member State, or the Member State referred to in Article 21(3) of Directive 2004/109/EC, and in the other Member States.
3.  
Regulated information shall be communicated to the media in unedited full text.

However, in the case of the reports and statements referred to in Articles 4, 5 and 6 of Directive 2004/109/EC, this requirement shall be deemed fulfilled if the announcement relating to the regulated information is communicated to the media and indicates on which website, in addition to the officially appointed mechanism for the central storage of regulated information referred to in Article 21 of that Directive, the relevant documents are available.

4.  
Regulated information shall be communicated to the media in a manner which ensures the security of the communication, minimises the risk of data corruption and unauthorised access, and provides certainty as to the source of the regulated information.

Security of receipt shall be ensured by remedying as soon as possible any failure or disruption in the communication of regulated information.

The issuer or the person who has applied for admission to trading on a regulated market without the issuer's consent shall not be responsible for systemic errors or shortcomings in the media to which the regulated information has been communicated.

5.  
Regulated information shall be communicated to the media in a way which makes clear that the information is regulated information, identifies clearly the issuer concerned, the subject matter of the regulated information and the time and date of the communication of the information by the issuer or the person who has applied for admission to trading on a regulated market without the issuer's consent.

Upon request, the issuer or the person who has applied for admission to trading on a regulated market without the issuer's consent shall be able to communicate to the competent authority, in relation to any disclosure of regulated information, the following:

(a) 

the name of the person who communicated the information to the media;

(b) 

the security validation details;

(c) 

the time and date on which the information was communicated to the media;

(d) 

the medium in which the information was communicated;

(e) 

if applicable, details of any embargo placed by the issuer on the regulated information.