06 May 2003

CESR Prospectus Consultation – additional information

CESR has decided to hold an additional open hearing that will take place in Paris on 27th May 2003. The present additional draft technical advice on level 2 implementing measures of the Prospectus Directive as well the Feedback Statement on the consultation will be presented by the experts group for approval by CESR at the next meeting in Rome at the end of June, subject to a last check dialogue with market participants. Written comments, in addition to those carried to the open hearing, should be sent to the secretariat by 16th June 2003

The unapproved Additional Draft Technical Advice has been made available to give interested parties a greater understanding of CESR’s initial thoughts in the areas covered. This is very much “work in progress” and is subject to further modification, but as some of the disclosure requirements have been changed significantly from the original text consulted upon, it seems sensible to release this unapproved, additional draft advice at this stage.

The text will form the basis for the draft technical advice to the European Commission and the feedback statement to be made by CESR. It deals with wholesale debt, depository receipts, credit institutions, specialist issuers and highlights some consequential changes to the draft advice already produced for equity and retail debt.

The present Additional Draft Feedback Statement refers to the other issues not included in the former drafts and that would be also part of the advice CESR will submit to the European Commission by 31 July 2003. This feedback statement discusses the main points which were made by respondents to the consultation process and explains the policy options which CESR has selected.

Additional Draft Technical Advice Additional Draft Feedback Statement

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