10 February 2005

CESR’S final recommendations on Prospectus

CESR published its final recommendations for the consistent implementation of the Regulation on Prospectus and a feedback statement which sets out how CESR has taken into account the comments received. CESR has decided to introduce a number of amendments to the original proposals taking into consideration the overarching principle of the Directive whereby the information included in a prospectus has to be given according to the particular nature of the issuer and of the securities offered to the public or admitted to trading.

Among others, CESR set the scope to clarify to what types of securities each recommendation should apply. CESR also clarified the scope of its recommendation in relation to forecasts made outside the prospectus. A number of amendments have been introduced in the specialist issuers section. In addition, CESR has clarified that the recommendation on scientific research based companies applies only to companies that can be defined as start-up companies. CESR also establishes recommendations on the content of the document required in case of securities offered to employees or offers of shares allotted free of charge to existing shareholders.

Press release
Recommendation
Feedback statement

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