Committee Of European Securities Regulators Consultation On possible Implementing Measures Of The Proposed Prospectus Directive (Ref. CESR/03-170)

CESR yesterday released a consultation paper on possible detailed technical measures needed to implement the proposed Directive on Prospectus to be published when securities are offered to the public or admitted to trading (Ref. CESR/03-162 and Annexes). These measures are being developed on the basis of a provisional mandate given to CESR by the European Commission published on 27 March 2002 and an additional provisional mandate published on 7 February 2003. Under these mandates, CESR has been asked to widely consult all interested parties according to the principles set out in the Final Report of the Committee of Wise Men and to provide its advice to the Commission on the appropriate measures by three different deadlines: 31 July 2003, 30 September 2003 and 31 December 2003. The consultation paper released today addresses the technical advice required by 30 September 2003.

The measures cover:

• Format of the prospectus: technical advice in relation to the prospectus drawn up as a single document and in relation to the format of a base prospectus and supplements. The consultation paper also provides a provisional roadmap the aim of which is to clarify what schedules and building blocks should be used for each type of security.
• Disclosure requirements: schedules for derivative securities, offering programmes, securities issued by collective investment undertakings of the closed ended type, wholesale debt securities note and a building block concerning the underlying for equity securities.
• Annual information: technical advice in relation to the method of publication of the document required by the Directive to issuers of securities admitted to trading on a regulated market that contains or refers to previously published information in compliance with their obligations in relation to securities regulation.

An expert group chaired by Mr Fernando Teixeira dos Santos, Chairman of the Portuguese Securities Commission and supported by Mr Javier Ruiz of the CESR Secretariat, has developed these measures. The group is assisted by a Consultative Working Group of experts drawn from a broad range of market participants.

The deadline for submitting responses to the consultation paper is 12 August 2003. Responses should be addressed to Mr. Fabrice Demarigny, Secretary General, CESR, by email at secretariat@europefesco.org. Given the 30 September 2003 deadline set by the European Commission for receipt of CESR's advice, CESR cannot guarantee that due consideration will be given to responses received after 12 August 2003. CESR will publish all responses unless we have specifically been asked to keep a response confidential. As specified in the consultation paper, an open hearing will be held in Paris at CESR's premises on 9 July 2003. Registration to participate in the Open Hearing should be sent to the same e-mail address.

Please click here to view the consultation paper.