SRD II - Preparation of the Implementing Acts
From 11 April to 9 May 2018, the European Commission launched a consultation on its plan to implement the revised Shareholder Rights Directive (SRD II).
From 11 April to 9 May 2018, the European Commission launched a consultation on its plan to implement the revised Shareholder Rights Directive (SRD II). Indeed, while the revised Directive came into force on 10 June 2017, it provides for the drafting of implementing acts on the obligations relating to shareholder identification, the transmission of information and the facilitation of the exercise of shareholder rights. The publication of these acts must occur before 10 September 2018, opening a local implementation phase of 24 months on these specific topics. The current draft proposes rules to facilitate information exchange so that issuers can identify their shareholders and the latter can exercise their rights in a timely manner. These provisions involve significant changes by introducing:
strong pressure on the turnaround times for transmission of information between intermediaries
generalised use of standardised electronic exchanges.
The project also introduces a general obligation for intermediaries to respond to requests for shareholder identification from issuers.