Approved the bill to increase transparency in advertising

Published: March 15, 2016

Accepted in principle by a majority vote by the Committee on Economic Affairs of the Greek Parliament, the draft law of the ministry of Finance…
for the adaptation of Greek legislation in Directive 2013/50/EU of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose shares are admitted to trading on a regulated market.
The draft law includes a provision for the strengthening of transparency in the decisions taken by the administrations of the banks for payments for the purpose of commercial advertising, as well as the amounts paid for all kinds of sponsorships.
The purpose of this provision is to avoid cases of preferential treatment or exclusion of specific media from the product of commercial advertising, layout that is compatible with the provisions of the agreement between the Greek government and the institutions for de-politicisation and avoiding governmental interference in the work of the banks, to the extent that they may be illegitimate links between credit institutions, Media, government, or other entities.
The same bill establishes the obligation of listed companies to prepare half-yearly and annual financial statements instead of quarterly and εννεαμηνιαίες, while the extended and the deadline for the publication of the financial statements, since the end of the reporting period, four months for annual statements and three months for half-yearly.
During the debate in Committee, in favour of the draft law were SYRIZA, the New Democracy, the Democratic Coalition and the Independent Greeks. When the bill was placed in the COMMUNIST party while prejudice expressed by the people’s Association Golden Dawn and the Union Of the.

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