The European Commission has adopted a technical Regulation on disclosure requirements as part of the implementation of the framework Prospectus Directive adopted in November 2003.
There is no ?one-size fits all? model for prospectuses distributed to potential investors. The Regulation therefore sets out different minimum disclosure requirements for different products, depending on the types of information needed by investors in each case. The Regulation will apply from 1 July 2005 ? which is also the deadline for Member States to implement the framework Directive.
The Commission has also adopted a second set of measures to implement the Market Abuse Directive. The implementing Directive covers accepted market practices in the context of market manipulation, the definition of inside information in relation to derivatives or commodities, the drawing up of lists of insiders by issuers and persons acting on their behalf or for their own account, and notification to the relevant authorities of suspicious transactions and of transactions undertaken by issuers? managers. The implementing Directive will have to be written into national law by Member States by 12 October 2004, which is also the deadline for implementing the Market Abuse Directive itself.
The measures have been proposed by the Commission in consultation with the Committee of European Securities Regulators (CESR).
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