Financial markets law * Applicable text: Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 and Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013, known as the Transparency Directive. Preparation of a prospectus in the event that securities are offered to the public or admitted to trading on a regulated market Issuers are required to make a prospectus available for the public in the event that securities are offered to the public or admitted to trading on a regulated market. This general obligation to provide information is laid down in a Directive of 4 November 2003, known as the Prospectus Directive, which is currently being revised5. * Applicable text: Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 and Directive 2013/50/ EU of the European Parliament and of the Council of 22 October 2013, known as the Prospectus Directive. ii) Takeovers The rules governing takeovers derive from a directive of 21 April 2004. * Applicable text: Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids, known as the Takeover Directive. iii) Short selling Since the financial crisis, the regulation of short selling has become a major concern as it increases bear speculation and so leads 5. Proposal for a Regulation of the European Parliament and of the Council of 30 November 2015 on the prospectus to be published when securities are offered to the public or admitted to trading, COM/2015/0583 final - 2015/0268 (COD). 343