29 January 2007

EBF comment on CESR call on supervisory function of Prospectus

The EBF commented on CESR’s call for evidence on the supervisory functioning of the Prospectus Directive and Regulation. EBF notes that the experiences made so far with these two pieces of legislation vary greatly across Member States, and that the implementation has worked comparatively well in some jurisdictions. However, difficulties have been encountered in other jurisdictions, especially as regards the passport. Most notably, there have been a number of cases where host authorities have refused passported prospectuses or have requested additional information. These practices undermine the underlying objectives of the Directive and we call on CESR to address them as an issue of priority.

There are also cases that might only be resolved through legislative measures, especially regarding the language regime and requirements that go beyond the scope of the Directive. These should be addressed once that a comprehensive review of the Directive is undertaken.

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