-Some of the main components of the
ECB view on the proposed Directive on prospectuses are that the ECB:
welcomes the aim of bringing European securities legislation in line with IOSCO Standards;
the ECB holds the view that greater clarity could be obtained regarding the coverage of the Directive if reference was made to existing international and European standards such as ESA95;
notes that it appears desirable to clarify in the proposed Directive the regime applicable to public offers of debt securities issued by credit institutions;
holds the view that the proposed Directive might envisage a broader scope for supervisory cooperation. The ECB suggests that the usefulness be considered of a provision foreseeing the possibility or even obligation of close cooperation between supervisors in the meaning of the proposed Directive and supervisors of regulated entities;
suggests that it be considered using harmonized definitions to the widest extent possible. In this respect it might be clarified whether ‘underwriting’ is encompassed by an ‘offer of securities to the public’.
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