CESR starts work on guidelines for implementation for prospectuses

05 March 2004

CESR announced the launch of work to prepare guidance on disclosure requirements established under the proposed Prospectus Regulation and sets out a timetable for work in this area.

As a first step CESR lanches a consultation process with the call for evidence from all interested parties. Some of the disclosure requirements that could benefit from further practical guidance in relation to share registration documents include, guidance on:

Selected Financial Information; Operating and Financial Review;

Trend Information;

Administrative, management and supervisory bodies and senior management;

Related party transactions; Historical Financial Information;

Clarification of accounting terms and on the information required in particular cases, such as business combinations, qualified or flawed financial information.

Working Groups
CESR has decided to maintain the Expert Group on Prospectus that was set to deliver technical advice to the European Commission.

A new Consultative Working Group of market participants has also been appointed to provide technical advice to the expert groups.

Press release
CESR Guidelines on Prospectus - Call for Evidence

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