Business Wire Offers European Union Public Companies More Choices, Most Comprehensive Distribution Available to Meet New Transparency Obligations Directive Disclosure Requirements
BRUSSELS, Belgium--(BUSINESS WIRE)--Jan. 22, 2007--With the January 20 debut of the European Union's long-anticipated Transparency Obligations Directive ("TOD"), Business Wire today announced the availability of regulatory disclosure networks in more financial markets than any other service provider.
With 45 years of experience in helping public companies satisfy their disclosure obligations, Business Wire has moved aggressively to set up its own dedicated disclosure networks in Belgium, France, Germany, Ireland, Luxembourg, The Netherlands, Sweden and the United Kingdom. Additional regulatory networks in Austria, Czech Republic, Denmark, and Hungary will become operational in the near future. Business Wire is the only global newswire to commit the resources to set up discrete networks in individual markets.
Under the leadership of Rudi DeCeuster, senior director, European business development, Business Wire has been actively involved in discussions with the European Commission, Committee of European Securities Regulators, and other contributing policy-making organizations since the TOD legislative process began in 2001.
A task force representing a cross-section of departments has been deployed on the TOD project for the past year. Business Wire has been officially sanctioned as a regulatory service provider by market regulators in France (Autorite des Marches Financiers) and the United Kingdom (Financial Services Authority) after audits confirmed compliance with stringent technical and operational criteria.
The TOD's mandate is to create pan-European disclosure standards among the EU's 27 Member States. Public companies listed on any EU equities exchange are subject to the new reporting requirements. U.S. companies whose shares are inter-listed on an EU exchange (e.g. London Stock Exchange, Deutsche Boerse, Euronext) must also meet the directive's disclosure standards.
Business Wire brings a unique value proposition to the marketplace beyond its country-specific capabilities. In keeping with the spirit and intent of the TOD, Business Wire has created a "Best Practices" network that includes pan-European media distribution via the networks of Agence France-Presse and The Associated Press, full-text carriage by the leading global financial information platforms, and online postings to leading financial portals.
"Many services are jockeying to offer EU companies basic disclosure services," said Michael Becker, vice president, global disclosure and financial reporting services. "Business Wire is uniquely positioned to offer listed companies a premium solution that is competitively priced. We are the only service provider that can provide a seamless distribution that satisfies local disclosure requirements, and also reach investors and consumers throughout North America, Asia-Pacific, Latin America, the Middle East and Africa via our comprehensive global news distribution networks."
About Business Wire
Business Wire, a Berkshire Hathaway company, is utilized by thousands of member companies and organizations to transmit their full-text news releases, regulatory filings, photos and other multimedia content to journalists, news media, trade publications, institutional and individual investors, financial information services, regulatory authorities, Internet portals, information web sites, business-to-business decision-makers and consumers worldwide. With a news distribution network spanning 150 countries and 45 languages, Business Wire's multi-channel delivery network, has access to some 60 international and national news agency networks throughout the Americas, Europe, Asia, the Middle East and Africa.
The Business Wire news network is powered by its patented NX high-speed data platform and supports XML, XHTML and XBRL code to deliver the most sophisticated news file to enhance news release interactivity, customization and search engine optimization. Business Wire has 30 bureaus in cities including New York, San Francisco, Los Angeles, Chicago, Boston, Miami, Paris, Frankfurt, London, Brussels, Tokyo and Sydney with reciprocal offices throughout the world. Business Wire was founded in 1961 by Chairman Lorry I. Lokey, veteran journalist and public relations executive. Cathy Baron Tamraz is president and CEO.
Michael Lissauer, + 1 212-752-9600
Michael Becker, + 1 212-752-9600
Brussels Rudi DeCeuster, +32 3457 40 02
London Kim Deonanan, +44 20 7626 1982
Paris Olivier Corneloup, +33 1 56 88 29 40
Frankfurt Susanne Minneker, +49 69 915066 0