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On 27 April 2002, the European Commission published the Provisional Request for Technical Advice on Possible Implementing Measures on the Future Directive on the prospectus to be published when securities are offered to the public or admitted to trading. This provisional mandate besides requiring technical advice on particular issues, asks CESR to provide factual information on:
i) the way in which prospectuses are controlled, scrutinised and approved in all Member States, and
ii) the deadlines/time allowed for the publication of the prospectus once it has been approved by the competent authority.
In order to provide the Commission with the information required, the Expert Group on Prospectuses set up by CESR prepared a questionnaire dealing with the referred to issues and also to connected subjects.
The document aims to provide a synthesis of the answers received attempting to highlight the existence of common or different rules and practices.
CESR: Summary of answers on Prospectuses