its consultation paper to present it to the public another time. In May 2002 the Commission launched a second and final consultation period, which lasted from 8 May 2002 until 5 July 2002. The Commission specified the information requirements regarding issuers, listed in a regulated market at a stock exchange, especially in terms of financial reporting, voting rights, directors’ dealing, stock options, employee shares schemes and equal treatment of shareholders. In detail, those suggestions were: Financial reporting requirements based on the annual turnover Equal treatment of shareholders by admitting proxy voting rights and electronic voting Lower initial threshold for notifications of voting rights at 5% Introducing further thresholds at 15% and 30% Time limit for filing such notification: 5 calendar days Publication of such notifications on the issuer’s homepage, in a newspaper and further information/news providers These suggestions were basically confirmed by the interested parties. On 26 May 2003 the Commission proposed its draft for the Directive to the European Parliament and to the Council of the European Union. About one year later, on 30 March 2004, the European Parliament approved the Directive, whereby the unofficial version of the Directive was published on 11 May 2004. This unofficial version covered all of the topics discussed in the former consultation process, such as periodical financial reporting, transparency in shareholder structure and publication of information. The final version of the Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market was adopted on 17 December 2004. After the announcement of the Directive in the Official Journal of the European Union the Member State should transform the regulations, agreed on in the Directive, into national law within the next two years, not later that 20 January 2007. The Transparency Directive Amending Directive of 2013 The Transparency Directive was amended in 2013 by the Transparency Directive Amending Directive (TDAD), Directive 2013/50/EU. The final date for member states to implement the TDAD was 26 November 2015. The TDAD contains these elements: Issuers are no longer obliged to publish interim reports (unless a Member State chooses to still impose it as an obligation) Issuers who have activities in the extractive or logging of primary forest industries should disclose in a separate report, on an annual basis, payments made to governments in the countries in