Christopher Bernard | Bloomberg LawUK implementation of Amending Directive 2010/73/EU: Simplifying the EU Prospectus and Transparency Directives – Financial Services Authority and HM Treasury Consultation Paper CP 11/28 of 13 December 2011;ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU – ESMA Consultation Paper ESMA/2011/444 of 13 December 2011 On 13 December, the Financial Services Authority (FSA) and HM Treasury published a joint consultation paper setting out the way in which they propose to implement amendments made to the Prospectus and Transparency Directives.1 The amendments are set out in a new directive (Amending Directive)2 that came into force on 31 December 2010, and Member States are required to implement them into national legislation by 1 July 2012. New rules broadening the exemptions from the requirement to publish a prospectus have been effective in the UK since July. The latest consultation covers the remaining changes. Also on 13 December, the European Securities and Markets Authority (ESMA) launched a consultation seeking views on technical advice that it proposes to give to the European Commission on a number of possible delegated acts (or rules) concerning the amendments to the Prospectus Directive. Earlier in the year, ESMA provided advice on delegated acts regarding the format of the final terms and prospectus summary, the key information to be required in the summary, and a proportionate disclosure regime. This latest consultation covers delegated acts regarding the consent to use a prospectus in a retail cascade as well as a review of the provisions of Regulation 809/2004/EC (PD Regulation), as amended. With these two latest consultations, the European prospectus regime continues to take shape and the Amending Directive moves one step closer to being fully implemented in the UK and throughout the EU.
The Amending Directive
Implementation Measures in the UK
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