The Committee of European Securities Regulators (CESR) published its final advice of a possible amendment to the Prospectus Regulation regarding the treatment of complex financial information.
CESR proposes that the amendment to the Regulation should not consist of a detailed set of requirements, but more in the form of guidelines and also calls for a principle based approach with regard to complex financial histories.
CESR proposes a limited amendment to the Regulation that would enable competent authorities to require these issuers to provide in their prospectus, historical financial information for the significant businesses or subsidiaries, taking into account some principles set out in the advice. This principle based approach might best be complimented by level 3 guidance from CESR
CESR also clarifies the interaction between the requirements of Annex II of the Regulation on Pro forma information and the historical financial information.
Press release
CESR advice
© CESR - Committee of European Securities Regulators
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