FEE's letters to CESR on Prospectuses

07 February 2003

The European Federation of Accountants (FEE) has commented on CESR's October 2002 consultation paper on possible implementing measures for the proposed Prospectus Directive. FEE is supportive of the proposals to facilitate the creation of a European capital market, but is concerned that the extremely short consultation period does not provide sufficient time for comments.

The first FEE letter concerns CESR's Advice on possible Level 2 implementing measures for the proposed Prospectus Directive. The second concerns CESR's addendum to the Consultation Paper.

Within the first letter, FEE identified a number of themes that are of particular interest, which are:

Profit forecasts;

Pro forma information;

Historical financial information;

The roles of accountants; and

The need for definitions

FEE letter on CESR's Advice on implementing measures
FEE letter on Addendum to the Consultation Paper

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