Requirements equivalent to Article 4(2)(b) of Directive 2004/109/EC
Article 13
A third country shall be deemed to set requirements equivalent to those set out in Article 4(2)(b) of Directive 2004/109/EC where, under the law of that country, the annual management report is required to include at least the following information: (a) a fair review of the development and performance of the issuer’s business and of its position, together with a description of the principal risks and uncertainties that it faces, such that the review presents a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business; (b) an indication of any important events that have occurred since the end of the financial year; (c) indications of the issuer’s likely future development. The analysis referred to in point (a) shall, to the extent necessary for an understanding of the issuer’s development, performance or position, include both financial and, where appropriate, non-financial key performance indicators relevant to the particular business.