Prospectus for the Public Offering of Securities in Europe: Volume 2: European and National Legislation in the Member States of the European Economic Area (Law Practitioner Series) (v. 2)

Cover......Page 1
Half-title......Page 3
Series-title......Page 4
Title......Page 5
Copyright......Page 6
Contents......Page 7
Contributors......Page 9
Preface......Page 11
Part II: Application in the EU Member States......Page 13
I	Introduction......Page 15
II	Competent authority......Page 16
A Procedure......Page 18
B Exemptions......Page 19
C	Appeal......Page 20
2	Summary......Page 21
4	Supplements......Page 22
1	Method of publication......Page 23
VII	Sanctions......Page 25
VIII	Prospectus liability......Page 26
IX	Rules applicable to transactions and securities not subject to the Prospectus Directive and Regulation......Page 27
Notes......Page 28
I	Introduction......Page 31
II	The Commission......Page 33
1	Exemptions......Page 34
1	Contents of the prospectus......Page 38
2	Base prospectus......Page 39
4	Omission of information......Page 40
5	Updates amendments and supplements......Page 41
6	Language......Page 42
1	Competency......Page 43
2	Application......Page 44
4	Refusal......Page 45
6	Offer or admission to trading in more Member States......Page 46
VI	Publication......Page 47
VII	Powers of the Commission......Page 49
1	General......Page 50
3	Supervision requirements......Page 54
IX	Competence of the Commission......Page 55
Notes......Page 56
I	Introduction......Page 58
II	Competent authority......Page 59
A	Procedure......Page 60
B	Exemptions......Page 61
1	Content......Page 62
3	Supplements......Page 64
1	Method of publication......Page 65
2	Advertisements......Page 67
VII	Sanctions......Page 68
VIII	Prospectus liability......Page 69
X	Conclusion......Page 70
Notes......Page 71
I	Introduction......Page 72
III	Scope......Page 73
2	Exemptions......Page 74
2	Approval procedure......Page 75
C	Financial information presented in accordance with IFRS......Page 77
2	Language......Page 78
VIII	Supplements and new information......Page 79
IX	Annual information......Page 80
XI	Issuers incorporated outside the European Economic Area......Page 81
XIII	Prospectus liability......Page 82
Notes......Page 83
5 France......Page 84
1	Legal framework and legislative history......Page 85
II	Competent authority......Page 86
2	Exemptions regulation......Page 87
(iii) Offers restricted to qualified investors......Page 88
C	Transactions that constitute a public offer but exempted from the obligation to publish a prospectus......Page 89
1	Content......Page 90
3	Supplements......Page 92
4	Language......Page 93
1	Method of publication......Page 94
2	Advertisements relating to an offer of securities to the public......Page 95
2 Right of the AMF to control prospectuses approved by a foreign supervisory authority when irregularities were committed…......Page 96
VIII	Conclusion......Page 97
Notes......Page 98
I	Introduction......Page 100
II	Competent authority......Page 101
1	Procedure......Page 102
2	Exemptions......Page 103
1	Content......Page 104
2	Format......Page 105
4	Language......Page 106
1	Method of publication......Page 107
2 Advertisements......Page 108
VII	Sanctions......Page 109
IX	Rules applicable to transactions and securities not subject to the Directive and Regulation......Page 110
Notes......Page 111
I	Introduction......Page 113
1	Approval......Page 114
3	Obligation to publish a prospectus......Page 116
4	Exemptions from the prospectus requirement......Page 117
2	Responsibility......Page 118
3	Format......Page 119
6	Language......Page 120
2	Advertisements......Page 121
VII	Sanctions......Page 122
X	Private companies......Page 123
8 Italy......Page 125
I	Introduction......Page 126
1	The EU passport......Page 127
3	Incorporation of information by reference......Page 128
4	Form of prospectuses......Page 129
III	The Implementation Decree in brief......Page 130
1	New definitions of EC financial instruments public offering of financial products home Member State and host Member State......Page 131
VI	Exemptions from the obligation to publish a prospectus......Page 135
1	Prohibition on publishing a prospectus without the prior authorisation of Consob......Page 136
2	Right of Consob to transfer the approval of the prospectus to another competent authority of an EU state......Page 137
4	Prospectus composed of several documents......Page 138
2	Language......Page 139
X	Advertisements......Page 140
XI	Prospectus liability......Page 141
XII	Financial statements of the issuer......Page 142
Notes......Page 143
I	A dual approach the Companies Act and the Listing Rules......Page 146
1	The Companies Act......Page 147
1	Definition......Page 148
3	Further exemptions......Page 149
1	Principle......Page 150
2	Exception to the home country principle......Page 151
V	Single European passport......Page 152
4	Language......Page 153
VII	Publication......Page 154
1	General......Page 155
X	Prospectus liability......Page 156
XII	Sanctions......Page 157
Notes......Page 158
I	Introduction......Page 160
II	Competent authority......Page 161
A	Procedure......Page 162
B	Exemptions......Page 163
1	Content......Page 164
4	Language......Page 165
2	Advertisements......Page 166
VII	Measures and sanctions......Page 167
VIII	Prospectus liability......Page 169
Notes......Page 170
1	The legal framework......Page 171
2	Some general features......Page 173
II	Competent authority......Page 174
1	Procedure of prior approval......Page 175
2	Right of appeal......Page 177
1	Content......Page 178
2	Format......Page 180
4	Language......Page 181
1	Method of publication......Page 182
2	Advertisements......Page 183
VI Use of prospectus approved in other (nonEU and nonEEA) countries......Page 184
VII	Sanctions......Page 185
1	Securities not subject to the Prospectus Directive and ZTFI......Page 187
3	Exempted securities......Page 189
4	Exempted admissions to trading......Page 190
Notes......Page 192
I	Introduction......Page 194
2	Public offer and admission to trading......Page 197
3	Exemptions......Page 198
1	Content requirements......Page 199
2	Format......Page 200
4	Language......Page 201
VI Use of prospectus approved in other (nonEU and nonEEA) countries......Page 202
VII	Sanctions......Page 203
VIII	Prospectus liability......Page 204
IX	Rules applicable to transactions and securities not subject to the Directive and Regulations......Page 205
Notes......Page 206
I	Introduction......Page 207
A	General......Page 208
B	Offers to the public......Page 209
C	Trading on a capital market......Page 210
3	Supplements......Page 211
1	Methods of Publication......Page 212
VIII	Prospectus liability......Page 213
Notes......Page 214
Part III: Application in the EEA Member States......Page 215
I	Introduction......Page 217
II	Competent authority......Page 218
A	Procedure......Page 219
B	Exemptions......Page 220
1	Content......Page 221
4	Language......Page 222
1	Method of publication......Page 223
VI Use of a prospectus approved in other (nonEU and nonEEA) countries......Page 224
VII	Sanctions......Page 225
IX	Conclusion......Page 226
1	Identification of the implementing laws and legal framework......Page 227
II	Competent authority......Page 228
1	Public offer......Page 229
2	Admission to trading......Page 230
3	Exemptions......Page 231
1	Content......Page 232
2	Format......Page 233
4	Language......Page 234
1	Method of publication......Page 236
2	Use of a prospectus approved in nonEEA countries......Page 237
1	Judicial offences......Page 238
VIII	Prospectus liability......Page 239
X	Conclusion......Page 240
Notes......Page 241
Part IV: Annexes......Page 243
Annex I......Page 245
Article 1 Purpose and scope......Page 250
Article 2 Definitions......Page 251
Article 4 Exemptions from the obligation to publish a prospectus......Page 253
Article 5 The prospectus......Page 254
Article 7 Minimum information......Page 255
Article 8 Omission of information......Page 256
Article 12 Prospectuses consisting of separate documents......Page 257
Article 14 Publication of the prospectus......Page 258
Article 16 Supplements to the prospectus......Page 259
Article 20 Issuers incorporated in third countries......Page 260
Article 21 Powers......Page 261
Article 24 Committee procedure......Page 262
Article 31 Review......Page 263
Article 33 Addressees......Page 264
Annex II......Page 272
Article 2 Definitions......Page 279
Article 3 Minimum information to be included in a prospectus......Page 280
Article 4a Share registration document schedule in cases of complex financial history or significant financial commitment......Page 281
Article 5 Pro forma financial information building block......Page 282
Article 11 Asset backed securities building block......Page 283
Article 16 Securities note schedule for debt securities with a denomination per unit of at least EUR 50 000......Page 284
Article 18 Registration document schedule for collective investment undertakings of the closed-end type......Page 285
Article 22 Minimum information to be included in a base prospectus and its related final terms......Page 286
Article 23 Adaptations to the minimum information given in prospectuses and base prospectuses......Page 288
Article 25 Format of the prospectus......Page 289
Article 26 Format of the base prospectus and its related final terms......Page 290
Article 28 Arrangements for incorporation by reference......Page 291
Article 29 Publication in electronic form......Page 292
Article 32 List of approved prospectuses......Page 293
Article 35 Historical financial information......Page 294
Article 36 Entry into force......Page 297
ANNEXES......Page 298
ANNEX I Minimum Disclosure Requirements for the Share Registration Document (schedule)......Page 299
ANNEX II Pro forma financial information building block......Page 308
ANNEX III Minimum disclosure requirements for the share securities note (schedule)......Page 309
ANNEX IV Minimum disclosure requirements for the debt and derivative securities registration document (schedule)......Page 314
ANNEX V Minimum disclosure requirements for the securities note related to debt securities (schedule)......Page 319
ANNEX VI Minimum disclosure requirements for guarantees (Additional building block)......Page 323
ANNEX VII Minimum disclosure requirements for asset-backed securities registration document (schedule)......Page 324
ANNEX VIII Minimum disclosure requirements for the asset-backed securities additional building block......Page 328
ANNEX IX Minimum disclosure requirements for the debt and derivative securities registration document (schedule)......Page 331
ANNEX X Minimum disclosure requirements for the depository receipts issued over shares (schedule)......Page 335
ANNEX XI Minimum Disclosure Requirements for the Banks Registration Document (schedule)......Page 350
ANNEX XII Minimum Disclosure Requirements for the Securities Note for derivative securities (schedule)......Page 355
ANNEX XIII Minimum Disclosure Requirements for the Securities Note for debt securities with a denomination per unit of at least EUR 50 000 (Schedule)......Page 359
ANNEX XIV Additional information building block on underlying share for some equity securities......Page 361
ANNEX XV Minimum disclosure requirements for the registration document for securities issued by collective investment undertakings of the closed-end type (schedule)......Page 362
ANNEX XVI Minimum disclosure requirements for the registration document for securities issued by Member States, third countries and their regional and local authorities (schedule)......Page 366
ANNEX XVII Minimum disclosure requirements for the registration document for securities issued by public international bodies and for debt securities guaranteed by a Member State of the OECD (schedule)......Page 368
Annex XIX List of specialist issuers......Page 376
Bulgaria......Page 377
Estonia......Page 378
Ireland......Page 379
The Netherlands......Page 380
Romania......Page 381
United Kingdom......Page 382
Liechtenstein......Page 383
Index......Page 384