which they operate Notification of major holdings of voting rights should include cash-settlement financial instruments with similar economic effect to holding shares and entitlements to acquire shares Issuers should prepare their annual financial reports in the European single electronic reporting format (ESEF) (from 1 January 2020 on) ESMA should develop and operate a web portal serving as a European electronic access point (EEAP) for regulated information Regulations The Directive specifies a range of regulations which have to be transformed into national law by the Member State, whereas the Directive only sets minimum standards. Member State have the possibility to set up stricter rules. Scope This Directive is directed to issuers whose securities are admitted to trading on a regulated market situated or operating within a Member State and regulates requirements regarding the disclosure of periodic and ongoing information. Definitions The Directive defines several terms, which are used in the new regulations, either by referring to other Directives or by its own definition. Periodic information Annual financial reports The issuer has to publish its annual financial report not later than four months after the end of the fiscal year and has to ensure that this report is accessible for at least five years. The annual financial report has to include the audited financial statements, a management report and a statement by officials that the financial statements were set up in compliance with the applicable accounting standards. In addition to the annual financial report the audit report should be published, as well. Half-yearly financial reports The issuer has to publish a financial report covering the first half of the fiscal year after the end of this relevant period. This report has to include the financial statements for the first half of the fiscal year, an interim management report (including major events in the first half-year, a forecast for the next half-year and their possible impacts and further financial statements) and a statement by officials that the financial statements were set up in compliance with the applicable accounting standards. In case this half-yearly report gets audited, the audit report has to be published as well. Ongoing information Major Holdings of voting rights A shareholder, acquiring or selling shares, has to notify the issuer of such transactions, as soon as the acquisition or disposal of shares results in an amount of voting rights, that exceeds, falls below or reaches the threshold of 5%, 10%,