16 July 2003

Prospectuses Directive finally adopted

The Council approved the European Parliament's amendments to the Prospectuses Directive without amendments. In doing so, the Directive is adopted in the form of the Council Common Position as amended by the European Parliament.

The European Commission has welcomed the definitive adoption of the Directive which will make it easier and cheaper for companies to raise capital throughout the EU. The Directive will introduce a new 'single passport for issuers' making securities available to investors either through a public offer procedure or by admitting their shares to trading.

The Directive only concerns initial disclosure requirements. Conditions for admission to listing remain subject to existing European and national requirements.

Final Common Position (available soon)
Results of Council meeting - provisional version
Commission press release

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