FEE response on CESR guidelines for implementation of Regulation on prospectuses

14 April 2004

The Fédération des Experts Comptables Européens (FEE) issue its comment on the CESR guidelines for the consistent implementation of the proposed Regulation on prospectuses. The Federation is concerned that the timetable in calling for evidence and more generally in seeking to issue Level 3 guidance is challenging particularly given the complex and technical nature of the subject matter under consideration.

Furthermore, FEE is still concerned as to the practical liability consequences on auditors or independent accountants of the requirements imposed on them by the Regulation. A solution for the liability problem should be found in order to achieve the full benefits of the single European prospectus.

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