Reforming the Transparency Directive: Minimum or full harmonisation of major shareholding notification? Abstract by the Authors The reform of the Transparency Directive is presently on the political agenda. One of the key questions looks at the right level of harmonisation: Should the current minimum harmonisation be retained or is a move towards full harmonisation advisable? After answering the question of EU competence for full harmonisation of Securities Regulation in the affirmative, this article weighs the pros and cons of full harmonisation by taking ownership disclosure rules as an example. In this respect, the ability to overcome costly legal fragmentation throughout Europe is …