CESR: Q&A regarding prospectuses. Common positions agreed by CESR members - 9th updated version
17 September 2009
The new Q&A concerns the following issues: profit forecasts or estimates, employees in cases where a prospectus is required, definition of public offer, valuations and statements prepared by an expert.
This Expert Group was given a mandate by CESR’s Chairman to develop guidance on the various disclosure requirements under the implementing measures of the Prospectus Regulation. The Expert Group therefore worked in a 'level 3' capacity and, as a result, the outcome of the Expert Group’s work is reflected in common guidelines which do not constitute European Union legislation.
This guidance will therefore be included in the regulatory practices of CESR members. To ensure continuity of the work carried out by CESR on Prospectuses in a ‘level 2’ capacity (in other words, when preparing advice for the European Commission), CESR agreed that the Chairman, rapporteur and expert group members should remain the same as those who prepared the advice on ‘level 2’ measures. However, a new consultative working group was formed to assist the group now working in this new capacity (for a list of these individuals, please click on the button consultative working group on this page).
These are the areas updated:
· Supplement to prospectuses: right of withdrawal
· Profit forecasts or estimates
· Employees in cases where a prospectus is required
· Valuations and statements prepared by an expert
· Material contracts
· Definition of public offer
© CESR - Committee of European Securities Regulators
