home Member State

Defined in Article 2, Transparency Directive

Definitions over time (3)

1. 26/11/2013 – today applies on 12/11/2026 Article 2, Transparency Directive Scope: Whole act

   For the purposes of this Directive the following definitions shall apply:

   ‘home Member State’ means in the case of an issuer of debt securities the denomination per unit of which is less than EUR 1 000 or an issuer of shares: where the issuer is incorporated in the Union, the Member State in which it has its registered office, where the issuer is incorporated in a third country, the Member State chosen by the issuer from amongst the Member States where its securities are admitted to trading on a regulated market. The choice of home Member State shall remain valid unless the issuer has chosen a new home Member State under point (iii) and has disclosed the choice in accordance with the second paragraph of this point [letter] (i); The definition of ‘home’ Member State shall be applicable to debt securities in a currency other than euro, provided that the value of such denomination per unit is, at the date of the issue, less than EUR 1 000, unless it is nearly equivalent to EUR 1 000; for any issuer not covered by point (i), the Member State chosen by the issuer from among the Member State in which the issuer has its registered office, where applicable, and those Member States where its securities are admitted to trading on a regulated market. The issuer may choose only one Member State as its home Member State. Its choice shall remain valid for at least three years unless its securities are no longer admitted to trading on any regulated market in the Union or unless the issuer becomes covered by points (i) or (iii) during the three-year period; for an issuer whose securities are no longer admitted to trading on a regulated market in its home Member State as defined by the second indent of point (i) or (ii) but instead are admitted to trading in one or more other Member States, such new home Member State as the issuer may choose from amongst the Member States where its securities are admitted to trading on a regulated market and, where applicable, the Member State where the issuer has its registered office; An issuer shall disclose its home Member State as referred to in points (i), (ii) or (iii) in accordance with Articles 20 and 21. In addition, an issuer shall disclose its home Member State to the competent authority of the Member State where it has its registered office, where applicable, to the competent authority of the home Member State and to the competent authorities of all host Member States. In the absence of disclosure by the issuer of its home Member State as defined by the second indent of point (i) or (ii) within a period of three months from the date the issuers’ securities are first admitted to trading on a regulated market, the home Member State shall be the Member State where the issuer’s securities are admitted to trading on a regulated market. Where the issuer’s securities are admitted to trading on regulated markets situated or operating within more than one Member State, those Member States shall be the issuer’s home Member States until a subsequent choice of a single home Member State has been made and disclosed by the issuer. For an issuer whose securities are already admitted to trading on a regulated market and whose choice of home Member State as referred to in the second indent of point (i) or in point (ii) has not been disclosed prior to 27 November 2015, the period of three months shall start on 27 November 2015. An issuer that has made a choice of a home Member State as referred to in the second indent of point (i) or in point (ii) or (iii) and has communicated that choice to the competent authorities of the home Member State prior to 27 November 2015 shall be exempted from the requirement under the second paragraph of this point [letter] (i), unless such issuer chooses another home Member State after 27 November 2015.

2. 04/01/2011 – 26/11/2013 Article 2, Transparency Directive Scope: Whole act

   For the purposes of this Directive the following definitions shall apply:

   ‘home Member State’ means in the case of an issuer of debt securities the denomination per unit of which is less than EUR 1 000 or an issuer of shares: where the issuer is incorporated in the Union, the Member State in which it has its registered office, where the issuer is incorporated in a third country, the Member State referred to in point (iii) of Article 2(1)(m) of Directive 2003/71/EC. The definition of ‘home’ Member State shall be applicable to debt securities in a currency other than euro, provided that the value of such denomination per unit is, at the date of the issue, less than EUR 1 000, unless it is nearly equivalent to EUR 1 000; for any issuer not covered by (i), the Member State chosen by the issuer from among the Member State in which the issuer has its registered office and those Member States which have admitted its securities to trading on a regulated market on their territory. The issuer may choose only one Member State as its home Member State. Its choice shall remain valid for at least three years unless its securities are no longer admitted to trading on any regulated market in the Community;

3. 20/03/2008 – 04/01/2011 Article 2, Transparency Directive Scope: Whole act

   For the purposes of this Directive the following definitions shall apply:

   ‘home Member State’ means in the case of an issuer of debt securities the denomination per unit of which is less than EUR 1 000 or an issuer of shares: where the issuer is incorporated in the Community, the Member State in which it has its registered office; where the issuer is incorporated in a third country, the Member State in which it is required to file the annual information with the competent authority in accordance with Article 10 of Directive 2003/71/EC. The definition of ‘home’ Member State shall be applicable to debt securities in a currency other than Euro, provided that the value of such denomination per unit is, at the date of the issue, less than EUR 1 000, unless it is nearly equivalent to EUR 1 000; for any issuer not covered by (i), the Member State chosen by the issuer from among the Member State in which the issuer has its registered office and those Member States which have admitted its securities to trading on a regulated market on their territory. The issuer may choose only one Member State as its home Member State. Its choice shall remain valid for at least three years unless its securities are no longer admitted to trading on any regulated market in the Community;

Used in (81 places in 24 provisions on 12/11/2026)

Transparency Directive (81 in 24)

Recital 6 · Recital 7 · Recital 8² · Recital 10 · Recital 12³ · Recital 14² · Recital 20 · Recital 23 · Recital 25⁴ · Article 2²⁰ · Article 3³ · Article 8³ · Article 9⁵ · Article 12 · Article 14 · Article 15 · Article 17² · Article 18² · Article 19⁵ · Article 20⁶ · Article 21⁵ · Article 23³ · Article 26³ · Article 30⁵