+Artículo 3 Integración de los mercados de valores
---+Artículo 3 1.
---+Article 3 1a.
---+Artículo 3 2.

Artículo 3 Integración de los mercados de valores

1. Resumen

,
Artículo 3 1.
El Estado miembro de origen podrá someter a los emisores a requisitos más estrictos que los fijados en la presente Directiva, salvo exigirles que publiquen información financiera periódica con mayor frecuencia que la de los informes financieros anuales a los que se refiere el artículo 4 y los informes financieros semestrales a los que se refiere el artículo 5.
Article 3 1a.

By way of derogation from paragraph 1, the home Member States may require issuers to publish additional periodic financial information on a more frequent basis than the annual financial reports referred to in Article 4 and the half-yearly financial reports referred to in Article 5, where the following conditions are met:

— 
the additional periodic financial information does not constitute a disproportionate financial burden in the Member State concerned, in particular for the small and medium-sized issuers concerned, and
— 
the content of the additional periodic financial information required is proportionate to the factors that contribute to investment decisions by the investors in the Member State concerned.

Before taking a decision requiring issuers to publish additional periodic financial information, Member States shall assess both whether such additional requirements may lead to an excessive focus on the issuers’ short-term results and performance and whether they may impact negatively on the ability of small and medium-sized issuers to have access to the regulated markets.

This is without prejudice to the ability of Member States to require the publication of additional periodic financial information by issuers who are financial institutions.

The home Member State may not make a holder of shares, or a natural person or legal entity referred to in Article 10 or 13, subject to requirements more stringent than those laid down in this Directive, except when:

(i) 

setting lower or additional notification thresholds than those laid down in Article 9(1) and requiring equivalent notifications in relation to thresholds based on capital holdings;

(ii) 

applying more stringent requirements than those referred to in Article 12; or

(iii) 

applying laws, regulations or administrative provisions adopted in relation to takeover bids, merger transactions and other transactions affecting the ownership or control of companies, supervised by the authorities appointed by Member States pursuant to Article 4 of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids ( 7 ).
Artículo 3 2.

Un Estado miembro de acogida no podrá:

a) 

en relación con la admisión de valores a un mercado regulado de su territorio, imponer requisitos de divulgación más estrictos que los establecidos en la presente Directiva o en el artículo 6 de la Directiva 2003/6/CE;

b) 

por lo que se refiere a la notificación de la información, someter a un accionista o a una persona física o jurídica de las mencionadas en los artículos 10 y 13 a unos requisitos más estrictos que los fijados en la presente Directiva.

1.1 Referencias

1.2 Requisitos identificados

1.3 Estándares relacionados

2. Requisitos identificados

Requisitos

3. Estándares relacionados

Estándares