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Following Parliament's opinion in March of this year and discussions in Council, the Commission adopted a modified proposal on 9th August 2002. The text of today's political agreement represents a compromise among the different views in the various Member States.
The Council agreed that issuers of non-equity securities with a denomination of at least 5000 euros and third-country issuers shall have the freedom to choose the home Member State to issue a prospectus.
For an issuer in the Community a non-equity securities other than bonds with a denomination per unit below 5000 euros, the home Member State shall be the Member State where its registered office is.
Member States may also allow their competent authority to delegate tasks, but this shall be made in a specific manner stating the tasks to be undertaken and the conditions under which they should be carried out. Any delegation of tasks will end five years after the entry into force of the Directive, except for the delegation of the publication on the internet of prospectuses.
Once the Council has adopted a formal Common Position on the proposal on the basis of today's political agreement, it will be forwarded to the European Parliament for its second reading.
Draft political agreement
Commission press release