13 Nov. 2006 - Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or
admitted to trading (“the Prospectus Directive”) came into force on 31st December 2003, and was
required to be implemented by Member States by 1st July 2005 at the latest. The Prospectus
Directive is supplemented by Regulation (EC) No. 809/2004 of 29 April 2004 which became
effective also on 1st July 2005.
Now that this European Prospectus regime is more than a year old it seems valuable at this point for
CESR to assess whether it is really working on the ground, and in particular whether it is
contributing to the development of the single market for securities. As reconfirmed by the ECOFIN
conclusions adopted on 5 May 2006 by the EU Finance Ministers, CESR´s main role to fully achieve
the benefits of the single market is to promote supervisory convergence amongst Europe´s securities
supervisors. This exercise will enable CESR to determine whether its members are following the path
of convergence after one year of application of the Prospectus regime (Prospectus Directive and
CESR therefore welcomes comments by 29 January 2007.