-The Economic and Monetary Affairs Committee will hold a hearing on the amended proposal on Prospectus on 02 October at 11h00.
Invited speakers are:
Mr Erwan Barre, APCIMS-EASD (France) (Association of Private Clients Investment Managers and Stockbrokers-European Association of Securities Dealers)
Ms Natalia Butragueno, Banco Santander Central Hispano
Mr Clifford Dammers, IPMA (International Primary Market Association)
Ms Elisabeth Roegele, Stuttgart Stock Exchange
Mr Josef Tobien, Weil, Gotshal and Magnes, Frankfurt
Questions to the Experts are:
Has the Commission taken on board sufficiently the concerns highlighted by the European Parliament's in its 1st Reading? Is the Parliament likely to be inhibited from pursuing any of its 1st Reading amendments if it now proceeds directly to a 2nd reading on the Common Position (rather than requesting another 1st reading)?
To what extent have the concerns of SMEs, smaller investors and the specialised wholesale market generally been taken into account in the amended proposal? Is the balance right between lowering costs of capital for companies and the need for investor protection?
Given the Commission proposes annual updating, what sort of information if any should be included in an updated prospectus that should not already have been announced to the market under on-going disclosure requirements? Please give examples. Could annual updating be made with reference to such announcements to avoid legal costs and encourage smaller companies to maintain their listings?
The Commission proposes that there should be a requirement to have the prospectus approved by the national authority of the Member State in which the company is registered. What are the likely implications of this proposal compared with the Parliament’s suggestion of choice of registration or listing Member State?
What use could national regulators make of the provisions in the Commission’s proposal to pursue national objectives and avoid the integration of the market? What changes are necessary to avoid this?
Given that Enron, WorldCom, Global Crossing and the Republic of Argentina all issued prospectuses, what information should have been included if any that might have provided greater investor protection? Or are other methods of investor protection necessary?
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