EMAC has published the recommendation for the Common Position on the Prospectuses Directive, facing in total 179 amendments to the Common Position reached by the Council. In his explanatory statement rapporteur Chris Huhne considers among others, that with regard the choice of a competent authority, an appropriate compromise by the Parliament is to move the threshold away from the arbitrary figure selected by the Council and to provide choice of competent authority for all non-equity securities.
Huhne also criticizes that the Council has failed to restrict the exemption for government debt only provided that their credit ratings were the same as the most creditworthy Member States. He therefore proposes that in the interests of proper disclosure for investors, Member States and their sub-national authorities should not be excluded from the directive.
An exchange of views on will take place on 11 June and EMAC will adopt the Recommendation on 12 June. It will go to the July Plenary Session.
Recommendation Common Position
Amendments 29-176
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