The European Commission published its “Additional Provisional Mandate to
CESR for Technical Advice on Possible Implementing Measures” concerning the forthcoming Prospectuses Directive. The Additional Provisional Mandate sets three different deadlines for CESR’s technical advice: 31 July, 30 September and 31 December 2003.
CESR is invited to provide advice on the following priority issues:
Format of the prospectus (Art. 5 (5))
Minimum Information (Article 7 (1))
Annual Information (Article 10 (1) and (4))
Incorporation by Reference (Articles 11 (3))
Publication of the prospectus (Article 14 (2a))
Advertising (Article 15 (7))
Furthermore, CESR is invited to provide and analyse factual information by 31 December 2003 at the latest on the following two issues:
Exemption from the obligation to publish a prospectus – Interpretation of
the meaning of equivalence (Article 4 (3))
Equivalence of prospectuses drawn up in third countries (Article 20 (3))
CESR is inviting all interested parties to submit views as to what CESR should consider in its advice to the European Commission. All contributions should be addressed to CESR by 31 March 2003.
In order to meet the deadlines set by the European Commission, an indicative timetable for the work CESR will be undertaking in response to the Additional Provisional request is as follows:
Call for Evidence – 7 February 2003
First contributions to be received by 31 March, 2003
Publication of a first consultation paper by mid June, 2003
Final papers to be signed off by CESR in July, September and December 2003
More precise details on the consultation (including possible open hearings) will be disclosed once a more precise timetable shall be established.
Additional Provisional Mandate on Prospectuses
© CESR - Committee of European Securities Regulators
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