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Prospectus Directive

15.04.2014
The Delegated Regulation (EU) No1392/2014 supplementing Directive 2003/71/EC of the European Parliament and Council with regard to regulatory standards for publication of supplement to the prospectus has been adopted.
 
07.05.2013
Commission Delegated Regulation (EU) No 759/2013 of 30 April 2013 amending Regulation (EC) No 809/2004 as regards the disclosure requirements for convertible and exchangeable debt securities
04.06.2012
COMMISSION DELEGATED REGULATION (EU) No 862/2012 of 4 June 2012 amending Regulation (EC) No 809/2004 as regards information on the consent to use of the prospectus, information on underlying indexes and the requirement for a report prepared by independent accountants or auditors (Text with EEA relevance)
30.03.2012
Commission Delegated Regulation (EU) No 486/2012 of 30 March 2012 amending Regulation (EC) No 809/2004 as regards the format and the content of the prospectus, the base prospectus, the summary and the final terms and as regards the disclosure requirements
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.
11.12.2010
Directive 2010/73/EU 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.
24.09.2009Proposal for a review of the Prospectus Directive: Commission cuts red tape and improves investor protection on securities prospectuses
09.01.2009Consultation on the review of the Prospectus Directive (Directive 2003/71/EC)
25.08.2008Study on the Impact of the Prospectus Regime on EU Financial Markets – prepared by the Centre for Strategy and Evaluation Services (CSES)
08.01.2008Commission Regulation establishing a mechanism for the determination of equivalence of accounting standards
21.12.2007Commission Regulation establishing a mechanism for the determination of equivalence of accounting standardspdf
28.02.2007Commission 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 commitmentpdf (Text with EEA relevance)
 04.12.2006Equivalence of third country accounting standards – postponement of the equivalence decision
  • Press release Choose translations of the previous link  Commission Regulation amending the Regulation implementing the Prospectus Directive
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See also page concerning the corresponding measure regarding transparency obligations for third country issuers

 10.08.2006Amendment of Commission Regulation (EC) No. 809/2004 to include specific provision in respect of issuers with a complex financial history
 22.03.2006DG 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

The Commission invites interested parties to comment on the working document

03.10.2005Guidance on the interpretation of Article 30(1) of the Prospectus Directivepdf Choose translations of the previous link 
02.06.2005Formal mandate to CESR (historical financial information)pdf Choose translations of the previous link 
08.03.2005Fourth informal Meeting on Prospectus Transposition: Summary Recordpdf Choose translations of the previous link 
26.01.2005Third informal Meeting on Prospectus Transposition: Summary Recordpdf Choose translations of the previous link 
25.06.2004Formal mandate to CESRpdf Choose translations of the previous link 
29.04.2004Commission adopts a Regulation implemeting the Prospectus Directive
30.03.2004Revised 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
24.03.2004Revised 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
03.03.2004Revised 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
13.02.2004Revised 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
13.02.2004Revised 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
 20.01.2004Formal Commission Draft implementing the Prospectus Directive 2003/71/EC, submitted to the European Securities Committee (ESC) for vote
16.01.2004CESR’s Advice on Level 2 Implementing Measures for the Prospectus Directive
07.11.2003DG 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
24.10.2003CESR’s Advice on Level 2 Implementing Measures for the Prospectus Directive
08.10.2003Formal request for technical advice on possible implementing measures of the Prospectus Directivepdf Choose translations of the previous link 
26.08.2003CESR’s Advice on Level 2 Implementing Measures for the Prospectus Directive
16.07.2003Commission welcomes Council’s adoption of prospectuses Directive
02.07.2003Commission welcomes European Parliament’s approval of prospectuses proposal
04.04.2003Extension of the deadline granted to CESR to deliver its technical advice on possible implementing measures for the future prospectus directive
24.03.2003Common 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
07.02.2003Additional provisional mandate to CESR for technical advice on possible implementing measures concerning the future Directive on the Prospectus
05.11.2002Commission welcomes Council’s political agreement on prospectuses proposal
09.08.2002 Commission presents an amended proposal on prospectuses
27.03.2002Commission asks CESR to begin work on implementing measures on market abuse and prospectuses
12.10.2001The proposed Prospectus Directive
30.05.2001Commission proposes single prospectus valid EU-wide