Madrid, 31 October 2014 – The 10 Recommendations for Transparency of Media Ownership (TMO) are currently “the most refined checklist of relevant criteria on TMO and the ideal starting point to discuss action points,” according to a background report written for the Parliamentary Assembly of the Council of Europe (PACE). The report by Peggy Valcke, one of the leading experts in media policy in Europe, states media ownership transparency as an essential prerequisite for the proper functioning of democracies.
You can read a copy of the background report here 
