CESR Statement on the equivalence of prospectuses from non-EEA jurisdictions

18 December 2008

CESR decided to work on a common assessment of the prospectus requirements of certain third country vis-à-vis the EU requirements.

Several market participants from third countries have approached CESR Members with a view to having their prospectuses, which have been drawn up in accordance with their national legislation, approved pursuant to Article 20 of the Prospectus Directive.

 

As of today, no Member State has taken any blanket or unconditional decision with respect to the equivalence of the standards of a third country, and the EU Commission has not yet adopted any implementing measures in accordance with Article 20.3 of the relevant Directive.

 

The European Commission has nevertheless expressed its desire for CESR Members to agree on a common procedure for determining equivalence in accordance with Article 20.

 

CESR has therefore decided to work on a common assessment of the prospectus requirements of certain third country vis-à-vis the EU requirements. In particular, CESR has agreed, initially, to assess the requirements of Israel and the United States and will make further statements on these in due course.

 

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