Disclosure practices under the EU Prospectus Directive and the role of CESR |
| |
| Authors: | Franx Jan Paul |
| |
| Affiliation: | * Partner Finance and Capital Markets, NautaDutilh N.V., Amsterdam. |
| |
| Abstract: | The first 150 words of the full text of this article appear below. Key points- In February 2005, CESR issued its Recommendationsfor the consistent implementation of the Prospectus Regulation.
- SinceJuly 2006, CESR has begun to develop a line of clarificationson disclosure practices under the Prospectus Directive and theProspectus Regulation in the form of common positions basedon Frequently Asked Questions (FAQs).
- This article first analysesthe question to which extent CESR's Recommendations and commonpositions have binding effect, in the sense that individualnational securities regulators are under some form of obligationto apply these.
- Subsequently, the article discusses a selectionof CESR's common positions on FAQs which are of material importancefor day-to-day disclosure practice.
| 1. Introduction | Approximately two years have lapsed since the implementationof the Prospectus Directive in most EU Member States, whichwas required by 1 July 2005. In spite of the Prospectus Regulationand CESR's Recommendations (on level 2, respectively level 3of the Lamfalussy process) . . . [Full Text of this Article] 2. The role of CESR | 3. CESR's common positions based on frequently asked questions (FAQs) with respect to disclosure practices | Use of supplemental prospectus for new offerings (FAQ no. 25) Supplemental prospectus and interim financial information (FAQ no. 16) Supplemental prospectus and profit forecast (FAQ no. 17) Conversion exemption (FAQ no. 22) Use of annual report as registration document (FAQ no. 8) Financial information of start-up entities (FAQ no. 14) 4. Disclosure practices (presently) beyond CESR's guidance | 10 per cent-exemption for units in a limited partnership Disclosure issues for investment entities Risk factor disclosure 5. Conclusion |
| |
| Keywords: | |
| 本文献已被 Oxford 等数据库收录！ |
|
