Securities, Prospectus Directive

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Prospectus Directive

19.01.2011 Request for ESMA technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU

On 19 January 2011 the Commission sent a mandate to ESMA for advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU.

Part I of the mandate is devoted to measures in relation to the format of the final terms to a base prospectus, to the format of the summary of the prospectus, and to the detailed content and specific form of the key information to be included in the summary. The first part of the mandate relates also to the proportionate disclosure regime introduced for some pre-emptive offers of equity securities, offers by SMEs and issuers with reduced market capitalization, and offers of non-equity securities referred to in Article 1(2)(j) by credit institutions. Furthermore, it focuses on the criteria to be applied in the assessment of the equivalence of a third country legal and supervisory framework.

Part II of the mandate covers possible additional delegated acts reviewing some existing Level 2 measures while Part III invites ESMA to assist the Commission in the preparation of a comparative table of the liability regimes applied by the Member States in relation to the Prospectus Directive.

  • Request for advice  PDFEnglish
  • Mandate  PDFEnglish
11.12.2010 Directive 2010/73/EU PDFbgcsdadeetelenesfrgaitlvlthumtnlplptroskslfisv of the European Parliament and of the Council of 24 November 2010 amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.
24.09.2009 Proposal for a review of the Prospectus Directive: Commission cuts red tape and improves investor protection on securities prospectuses
09.01.2009 Consultation on the review of the Prospectus Directive (Directive 2003/71/EC)
25.08.2008 Study on the Impact of the Prospectus Regime on EU Financial Markets – prepared by the Centre for Strategy and Evaluation Services (CSES)
  • Final report PDFEnglish
08.01.2008 Commission Regulation establishing a mechanism for the determination of equivalence of accounting standards
21.12.2007 Commission Regulation establishing a mechanism for the determination of equivalence of accounting standards
PDF - 120 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMtNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
28.02.2007 Commission Regulation (EC) No 211/2007 of 27 February 2007 amending Regulation (EC) No 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards financial information in prospectuses where the issuer has a complex financial history or has made a significant financial commitment (Text with EEA relevance)
PDFBulgarianČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarNederlandsPolskiPortuguêsRomanianSlovenčinaSlovenščinaSuomiSvenska
04.12.2006 Equivalence of third country accounting standards – postponement of the equivalence decision 
  • Press release
  • Commission Regulation amending the Regulation implementing the Prospectus Directive
    PDF - 120 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMtNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska

See also page concerning the corresponding measure regarding transparency obligations for third country issuers
10.08.2006 Amendment of Commission Regulation (EC) No. 809/2004 to include specific provision in respect of issuers with a complex financial history
  • Formal draft Commission Regulation  PDF - 24 KBEnglish
  • Background note for draft Commission Regulation  PDF - 30 KBEnglish
22.03.2006 DG Internal Market and Services’ working document on the amendment of Commission Regulation (EC) No. 809/2004 to include specific provision in respect of issuers with a complex financial history
  • Working document (ESC/16/2006) PDF - 145 KBEnglish
  • Explanation of working document PDF - 145 KBEnglish
  • CESR advice (complex financial history) PDF - 145 KBEnglish

The Commission invites interested parties to comment on the working document
03.10.2005 Guidance on the interpretation of Article 30(1) of the Prospectus Directive PDF - 145 KBEnglish
02.06.2005 Formal mandate to CESR (historical financial information) PDF - 145 KBEnglish
08.03.2005 Fourth informal Meeting on Prospectus Transposition: Summary Record PDFEnglish
26.01.2005 Third informal Meeting on Prospectus Transposition: Summary Record PDFEnglish
25.06.2004 Formal mandate to CESR PDFEnglish
29.04.2004 Commission adopts a Regulation implemeting the Prospectus Directive
  • Press release
  • Commission Regulation (CE) 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements
    (1 MB–1.6 MB) PDFDanskDeutschελληνικάEnglishEspañolFrançaisItalianoNederlandsPortuguêsSuomiSvenska
30.03.2004 Revised formal Commission draft on measures implementing the European Parliament and Council Directive 2003/71/EC on the prospectus to be published, submitted to the European Securities Committee
  • Working document – ESC 04/2004 Rev 4  – Clean version
    PDF - 500-650 KB - Version grecque = 1 MBCastellanoDanskDeutschEllinikáEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska 
24.03.2004 Revised formal Commission draft on measures implementing the European Parliament and Council Directive 2003/71/EC on the prospectus to be published, submitted to the European Securities Committee
  • Working document – ESC 04/2004 Rev 3 – Track changes PDF - 635 KBEnglish
  • Working document – ESC 04/2004 Rev 3 – Clean version PDF - 486 KBEnglish
03.03.2004 Revised formal Commission draft on measures implementing the European Parliament and Council Directive 2003/71/EC on the prospectus to be published, submitted to the European Securities Committee
  • Working document – ESC 04/2004 Rev 2 – Track changes PDF - 642 KBEnglish
  • Working document – ESC 04/2004 Rev 2 – Clean version
    PDF - 541 -1310 KBCastellanoDanskDeutschEllinikaEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
13.02.2004 Revised formal Commission draft on measures implementing the European Parliament and Council Directive 2003/71/EC on the prospectus to be published, submitted to the European Securities Committee
  • Working document – ESC 04/2004 Rev 1 – Track changes PDF - 710KBEnglish
  • Working document – ESC 04/2004 Rev 1 – Clean version PDF - 484 KBEnglish
13.02.2004 Revised document indicating the main differences between the CESR advice and the revised formal Commission draft Regulation on measures implementing the prospectus Directive 2003/71/EC
  • Working document – ESC 42/2003 – Rev 2 PDF - 142 KBEnglish
20.01.2004 Comments from the public on the working document ESC 36/03 on the implementation of Articles 5, 7, 10, 11, 14 and 15 of the European Parliament and Council Directive 2003/71/EC
20.01.2004 Formal Commission Draft implementing the Prospectus Directive 2003/71/EC, submitted to the European Securities Committee (ESC) for vote
  • Draft PDF - 623-1335 KBCastellanoDanskDeutschEllinikaEnglishFrançaisItalianoNederlandsPortuguêsSuomiSvenska
16.01.2004 CESR’s Advice on Level 2 Implementing Measures for the Prospectus Directive
  • Advice: Doc. 399 PDF - 296 KBEnglish
  • Consultation – Feedback Statement: Doc. 400 PDF - 163 KBEnglish
07.11.2003 DG Internal Market Services’ working document on the implementation of Articles 5, 7, 10, 11, 14 and 15 of the European Parliament and Council Directive 2003/71/EC
24.10.2003 CESR’s Advice on Level 2 Implementing Measures for the Prospectus Directive
  • Advice PDF - 282 KBEnglish
  • Annex PDF - 51 KBEnglish
  • Consultation – Feedback Statement PDF - 222 KBEnglish
08.10.2003 Formal request for technical advice on possible implementing measures of the Prospectus Directive PDF - 26 KBEnglish
26.08.2003 CESR’s Advice on Level 2 Implementing Measures for the Prospectus Directive
  • Advice PDF - 52 KBEnglish
  • Annex PDF - 52 KBEnglish
16.07.2003 Commission welcomes Council’s adoption of prospectuses Directive
02.07.2003 Commission welcomes European Parliament’s approval of prospectuses proposal
04.04.2003 Extension of the deadline granted to CESR to deliver its technical advice on possible implementing measures for the future prospectus directive
  • Letter PDF - 98 KBEnglish
24.03.2003 Common position adopted by the Council with a view to the adoption of Directive of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC
07.02.2003 Additional provisional mandate to CESR for technical advice on possible implementing measures concerning the future Directive on the Prospectus
  • Provisional mandate PDF - 35KBEnglish
05.11.2002 Commission welcomes Council’s political agreement on prospectuses proposal
09.08.2002 Commission presents an amended proposal on prospectuses
27.03.2002 Commission asks CESR to begin work on implementing measures on market abuse and prospectuses
  • Press release
  • Provisional Request for Technical Advice on Possible Implementing Measures on the Future Directive on the prospectus to be published when securities are offered to the public or admitted to trading
    PDF - 19 KBEnglish
12.10.2001 The proposed Prospectus Directive
  • Frequently asked questions PDF - 35 KBEnglish
30.05.2001 Commission proposes single prospectus valid EU-wide

Last update: 25.01.2011