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CESR released a consultation paper on possible detailed technical measures needed to implement
the proposed Prospectuses Directive. These measures are being developed on the basis of a
provisional mandate.
CESR has been asked to widely consult all interested parties according
to the principles set out in the Final Report of the Committee of Wise Men and to provide its advice to the Commission on the appropriate measures by 31 March 2003. The measures cover:
The disclosure requirements involving at least shares, bonds and other securities;
The identification of the documents that can be incorporated by reference in a prospectus and used for the annual updating requirements;
The availability of the prospectus in an electronic format and via paper-based means of communication.
CESR will publish all responses unless have specifically been asked to keep a response confidential. In order to facilitate the consultation process, CESR is planning to hold an open meeteing on 26 November 2002 in Paris.
The deadline for submitting responses to the consultation paper is 31 December 2002. Given the 31 March 2003 deadline set by the European Commission for receipt of CESR’s advice, CESR cannot guarantee that due consideration will be given to responses received after 31 December 2002.
The consultation paper does not deal with all the issues raised in the provisional request by the Commission because the tight deadline has not made it possible to set out disclosure requirements for
every type of security and issuer. CESR will consult on many of the outstanding disclosure requirements in an “Addendum to the consultation paper” which CESR plans to produce before the end of this year with a consultation period shorter than three months in order to meet the 31 March 2003 deadline.
Responses should be addressed to Mr. Fabrice Demarigny, Secretary General, CESR, by email at secretariat@europefesco.org.
CESR press release
CESR consultative paper
Annex A: Core Equity Registration Building Block
Annex B: Pro forma financial information disclosures for inclusion in the registration document
Annex C: Start-up company equity issuers building block
Annex D: Property company building block for inclusion in the securities note
Annex E: Mineral company building block for inclusion in the registration document
Annex F: Mineral company building block for inclusion in the securities note
Annex G: Investment company building block
Annex H: Scientific research based company building block
Annex I: CESR Proposals for the Corporate Retail Debt Registration document Building Block
Annex J: IOSCO International Disclosure Standards relevant to the registration document
Annex K: Securities Note: Equity Securities Schedule
Annex L: Securities Note: Debt Securities Schedule
Annex M: Securities Note: Derivatives Schedule
Annex N: Securities Note: Common Items
© CESR - Committee of European Securities Regulators
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