The implementation of the EU Prospectus Directive - a country-by-country analysis |
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| Authors: | du Vignaux Hubert; Gouzard Camille; Gehringer Axel; Byers David; Cuccia Stefano; Wagner Henri; Zijp Petra; Cuenca Jose Manuel; Azanza Yolanda; Bushner Daniel; Parry Jonathan |
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| Institution: | Gide Loyrette Nouel, Paris and London |
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| Abstract: |
Dr. Axel Gehringer
HengelerMueller
David Byers
McCann FitzGerald, Solicitors, Dublin, Ireland
Stefano Cuccia
Head of Regulation, TLX, Milan
Henri Wagner
Allen and Overy, Luxembourg
Petra Zijp
NautaDutilh, Amsterdam
José Manuel Cuenca and Yolanda Azanza
Clifford Chance
Daniel Bushner and Jonathan Parry
Ashurst, London The first 150 words of the full text of this article appear below.
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Editor's Note
| The implementation of the EU Prospectus Directive (2003/71/EC)(the ‘Directive’) has resulted in significant changesand new opportunities for many issuers of securities in theEuropean Capital Markets. The Directive and its subordinatelegislation, Commission Regulation (EC) No 809/2004 (the ‘EURegulation’) requires, as did the previous EU legislation,that a prospectus, containing certain required disclosure, beapproved by an EEA competent authority and published beforesecurities are offered to the public or admitted to an EEA-regulatedmarket. But, in doing so, it introduces important changes thatwill, its architects hope, result in a more active cross-borderretail market in securities within the EEA. These changes includea common language regime, under which, in cross-border situations,an English language version of the prospectus will normallybe valid for admission to regulated markets or a public offeranywhere in the EEA, thus avoiding expensive and time-consumingmultiple translations. It also provides . . . Full Text of this Article]
France
| 1. Introduction 2. French highlights Approval of the prospectus Scope Content of prospectuses Risk factors Language Responsibility for prospectuses Publication Information to be provided within prospectuses 3. Summary
Germany
| 1. Introduction 2. Scope of application of the securities Prospectus Act 3. ‘Frequent issuer exemption’ 4. Publication rules 5. Prospectus supplement and investor withdrawal right 6. Summary
Ireland
| 1. Introduction 2. Implementation 3. Competent authority Listing rules/prospectus rules Unregulated offers 4. Responsibility/liability 5. Summary
Italy
| 1. Introduction 2. Implementation 3. National variations from the Directive 4. Practical impact 5. Summary
Luxembourg
| 1. Introduction 2. Regulatory framework 3. Luxembourg Prospectus Directive options 4. Public offers of securities 5. Summary
Netherlands
| 1. Introduction 2. Definition of ‘security’ 3. Concept of ‘offer’ 4. Supplemental prospectus and withdrawal rights 5. Published prospectus identical to approved prospectus 6. Six days rule 7. Language 8. Public offer exemption 9. Summary
Spain
| 1. Introduction 2. The RDL 5 3. The CNMV notice 4. The RD 1310 5. The order 3537 6. Summary
United Kingdom
| 1. Introduction 2. Standardized prospectus content requirements 3. The Official List of the FSA (the ‘Official List’) 4. Official List eligibility requirements 5. The Alternative Investment Market (‘AIM’) 6. Withdrawal rights 7. Draft prospectuses 8. Qualified investor exemption 9. Summary
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