12 November 2003

Commission working document on implementing measures for Prospectus Directive

The European Commission's services published a working document for comment on the Prospectus Directive. The document covers the major part of the first set of implementing measures that the Commission intends to adopt and which have to be adopted within 180 days from the entry into force of the Directive or are essential for the effective entry into force of the Directive.

This working document covers the following implementing measures:

Implementation of Article 7: This Article provides for minimum disclosure requirements to be included in different models of prospectuses. The different schedules and building blocks and possibilities of combination of schedules and building blocks are included respectively in Annexes 1 and 2 of the document.

Implementation of Article 5: This Article refers to the format of prospectuses as drawn up either as a single document or composed of three separate documents. It covers both the prospectus or base prospectus and its possible supplements.

Implementation of Article 10: This Article contains the different arrangements related to the documents that may be incorporated by reference in a prospectus. It provides for an illustrative list of documents containing information that may be incorporated by reference in a prospectus.

Implementation of Article 11 of the Directive: This Article establishes the possibility for issuers to incorporate information in the prospectus by reference to previously published documents that have been approved by the home competent authority.

Implementation of Article 14 of the Directive: This Article provides for an obligation imposed upon the issuer, the offeror or person asking for admission to trading on a regulated market to make the prospectus available to the public.

Implementation of Article 15 of the Directive: This provision sets the conditions that advertisements should fulfil for instance in terms of content, presentation and quality of information. The envisaged implementing measures for this Article will be drawn up at a later stage after the publication of CESR's technical advice on this issue.

Any technical drafting comments should be sent to the Commission

Press release
Working Document
Annex

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