The New EU Prospectus Directive

Jun 2004 | Client publication/article

This memorandum provides an overview of the main provisions of the EU Prospectus Directive (2003/71/EC) as well as the EU Prospectus Regulation which supplements it, and describes their practical implications for securities issues. The Prospectus Directive entered into force on 31 December 2003 and was required to be implemented into national law by Member States by 1 July 2005.

Topics covered include:

  • the legislative context including related EU legislation
  • scope, including the circumstances in which a prospectus must be published and key exemptions
  • authorisation of prospectuses, the Home Member State and the EU passporting regime
  • format and contents of prospectuses, including financial information requirements
  • incorporation by reference
  • publication of prospectuses
  • other provisions regarding advertisements and annual information updates.

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