Shareholder Rights Directive entered into force in 2007 and adopted into European Union Member States’ national law in 2009. It was significantly revised in 2017 by SRD II which is currently following the same adoption process to be completed in September 2020.
Upon each of the 27 EU member states transposing the second directive into local law, all equities listed on the associated regulated markets will be in-scope of SRD II requirements. Each jurisdiction will apply penalties and fines for breaches. This will govern participants in the shareholder value chain covering institutional investors, asset managers, proxy advisors and intermediaries.