PR Newswire Launches Pan-European Disclosure Network

PR Newswire Launches Pan-European Disclosure Network

January 22, 2007

New Service Will Enable European Companies to Comply With
the Transparency Obligations Directive


    LONDON, Jan. 22 /Xinhua-PRNewswire/ -- PR Newswire, the
world's leading disclosure and corporate news distribution
service, today announced it will provide listed companies
in Europe with a disclosure service that is compliant with
the Transparency Obligations Directive, due to be
implemented this month. 

    PR Newswire's TOD Wire, as the new service is called,
will facilitate listed companies' compliance with the new
regulations required by TOD, while also helping them
satisfy best practices in communicating with institutional
and retail investors across the EU, according to Lisa
Ashworth, CEO PR Newswire Europe.

    Regulators across the European Union (EU) are beginning
a staggered implementation of the Transparency Obligations
Directive (TOD) beginning on January 20th.  The first
countries to implement TOD will be the UK, Germany, France,
Finland, Ireland, Malta, Portugal and the Netherlands.  TOD
is the latest component of the European Union's Financial
Services Action Plan, which to date has given rise to 39
new Directives.  

    TOD is part of a series of measures passed by the
European Commission designed to establish a level playing
field in the European financial services markets and brings
numerous changes for listed companies in areas such as the
timing and content of annual and interim reports and the
disclosure of major shareholdings by investors. 
Specifically, TOD is focused on ensuring that issuers meet
certain minimum standards of disclosure when disseminating
price-sensitive news and information.  Paramount to this
mandate is that information be disseminated throughout the
European Union in a manner that supports simultaneous
delivery, thereby providing institutional and retail
investors, the media and the general public equal access to
material news the moment it is announced. 
  
    As the only corporate news distributor on the Committee
of European Securities Regulators (CESR) Consultative
Working Group on the Transparency Obligations Directive
(TOD), PR Newswire has played a critical role in shaping
the EU's forthcoming directive.  With limited guidance from
regulators as to the requirements of TOD in some member
states, listed companies may find it difficult to determine
what is needed to comply.  To assist with this, PR Newswire
has taken the lead in developing its TOD Wire, which will
include dedicated links to the major equity terminals, key
European financial websites and newspapers in all 27 EU
member countries.  This extensive network will help ensure
customer compliance and enhanced coverage of time sensitive
and business critical news, and further strengthens PR
Newswire's global position as the market leader in the
investor relations and media communications industries.

    In December 2006 PR Newswire announced a partnership
with Les Echos, the leading French financial newspaper and
website ( http://www.Lesechos.fr ), to assist French
companies in their compliance with the new European
regulations.  The Les Echos partnership is one of many PR
Newswire has developed.  Other notable partners include;
OMX the Nordic and Baltic Stock Exchange, news aktuell the
German news agency DPA's commercial arm, ANP the Dutch News
Agency and Belga the Belgian news agency. 
 
    Mark Hynes, PR Newswire's managing director of Global
Investor Relations Services, said, "When the European
Union first proposed the Transparency Directive, PR
Newswire took the initiative to counsel those involved in
drafting the legislation on the importance of promoting
widespread disclosure.  Today, as the European Union
prepares for the TOD, PR Newswire has again assumed a
leadership position by offering a means for companies
throughout the EU to disseminate information on both a
local and wide scale basis."

    About PR Newswire

    Now in its 53rd year, PR Newswire (
http://www.prnewswire.com and http://www.prnewswire.co.uk )
provides electronic distribution, targeting, measurement and
broadcast services on behalf of tens of thousands of
corporate, government, association, trade, non-profit, and
other customers worldwide.  Using PR Newswire, these
organizations reach a variety of critical audiences
including the news media, the investment community,
government decision-makers, and the general public with
their up-to-the-minute, full-text news developments. 

    PR Newswire has offices in 11 countries and routinely
sends its customers' news to outlets in 135 countries and
in more than 40 languages.  Utilizing the latest in
communications technology, PR Newswire content is
considered a mainstay among news reporters, investors and
individuals who seek breaking news from the source.  PR
Newswire is a subsidiary of United Business Media plc of
London.

    For full information on PR Newswire products and
services email [e-mail] or go to
http://www.prnewswire.co.uk .  


    For more information, please contact:

     Rachel Meranus
     Director Public Relations of PR Newswire 
     Tel:   [phone]
     Email: [e-mail]

     Samantha Proctor
     Head of European Marketing
     PR Newswire Europe
     Tel:   [phone]
     Email: [e-mail] 


SOURCE  PR Newswire