Draft recommendation for second reading on Prospectuses

07 May 2003

Chris Huhne, EP Rapporteur on the Prospectus Directive, issued his Recommendation for second reading proposing some 30 amendments to the Council Common Position .

In his explanatory statement, Mr Huhne welcomed that the Council has taken on board a majority of the amendments of the European Parliament's 1st Reading. However, “there are several main issues which relate to the need to reinstate Amendments adopted by the Parliament at 1st Reading eg. regarding choice of competent authority, exemption for government debt, definition of qualified investor, approval periods and deemed approval, delegation, on-site inspections. There are also some other more technical points which relate to new text which has been inserted by the Council in accordance with new text in the amended proposal.”

Draft recommendation second reading
Council Common Position

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