SRD2: Identification of progress by ESMA and EBA in the directive implementation


On July 27, 2023, a report assessing the implementation of the Shareholder Rights Directive 2 (SRD2) was published jointly by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). It will serve the Commission's work to evaluate the implementation of SRD2, and into the process of its potential revision.

For the investment chain, the report stresses the importance of obtaining a common definition of the term "shareholder" and proposes technical improvements to streamline communication throughout the investment chain. ESMA also calls for greater transparency on intermediary fees and makes suggestions in this area.

For proxy advisors, the current framework could be improved in connection to conflicts of interest. ESMA also proposes the registration of proxy advisors at EU level.