Prospectus Level 2
Level 2
Fernando TEIXEIRA DOS SANTOS

Fernando TEIXEIRA DOS SANTOS, Former Chairman of the Portuguese Securities Market Commission (CMVM)

Javier RUIZ

The Commission issued CESR with a mandate regarding a possible amendment to the requirements in Commission regulation (EC) 809/2004 regarding the historical financial information which must be included in a prospectus. This came following market participants’ requests to CESR for clarification as to how this would be implemented on a day-to-day basis and follow up work by CESR itself to ensure supervisory convergence in implementation. The initial findings of CESR’s work and discussion with the European Commission indicated that it might be appropriate to tackle potential differences in implementation by amending the Regulation itself. The European Commission therefore issued CESR with a mandate to set out its advice as to how this may best be done.

CESR delivered its advice on this issue on 27 October 2005.

02 Mar. 2007
COMMISSION REGULATION as regards financial information in prospectuses where the issuer has a complex financial history or has made a significant financial commitment Reg 211/2007
[EC 211/2007]
 
 
26 Jan. 2007
Commision regulation as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements
[Reg 1787/2006]
 
 
27 Oct. 2005
CESR’s advice to the European Commission on a possible amendment to Regulation (EC) 809/2004 regarding the historical financial information which must be included in a prospectus
[05-582]
 
 
27 Oct. 2005
Press release - CESR’S publishes its final advice of a possible amendment to the Prospectus Regulation regarding the treatment of complex financial information
[05-649]
 
 
27 Oct. 2005
Feedback statement - CESR's Consultation on a possible amendment to Regulation (EC) 809/2004 regarding the historical financial information which must be included in a prospectus
[05-583]
 
 
03 Aug. 2005
Agenda for the Open Hearing on CESR’s advice on a possible amendment to Regulation (EC)809/2004 regarding the historical financial information in prospectuses
[05-511]
 
 
06 Jul. 2005
CESR’s draft technical advice to the European Commission on a possible amendment to Regulation (EC) 809/2004 regarding the historical financial information which must be included in a prospectus
[05-428]
 
 
06 Jul. 2005
Press release - CESR’s draft technical advice to the European Commission on a possible amendment to Regulation (EC) 809/2004 regarding the historical financial information which must be included in a prospectus
[05-462]
 
 
03 Jun. 2005
Call for evidence - Formal Mandate to CESR for technical advice on a possible amendment to the requirements in Commission Regulation (EC) 809/2004 regarding the historical financial information which must be included in a prospectus
[05-384]
 
 
30 Apr. 2004
Commission regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses
[809/2004/EC]
 
 
08 Jan. 2004
CESR submits to the European Commission its final advice on the content of Prospectus and dissemination of advertisements - Summary of answers to a questionnaire on Exemption from obligation to publish
[03-495]
 
 
08 Jan. 2004
CESR submits to the European Commission its final advice on the content of Prospectus and dissemination of advertisements - Summary of answers to a questionnaire on the equivalence of Propsectus drawn up in 3rd countries
[03-496]
 
 
08 Jan. 2004
CESR submits to the European Commission its final advice on the content of Prospectus and dissemination of advertisements - Summary of answers of a questionnaire on factual information regarding advertisement practices in the Member States
[03-494]
 
 
08 Jan. 2004
CESR submits to the European Commission its final advice on the content of Prospectus and dissemination of advertisements - Feedback Statement
[03-400]
 
 
08 Jan. 2004
CESR submits to the European Commission its final advice on the content of Prospectus and dissemination of advertisements
[03-399]
 
 
31 Dec. 2003
Directive 2003/71/EC of the European Parliament and of the Council on prospectus
[71/2003/EC]
 
 
24 Dec. 2003
Results of CESR’s public consultation on the consultation papers on Minimum Disclosure requirements for Sovereign Issuers and Financial Information on Prospectus
[03-498]
 
 
01 Oct. 2003
Feedback Statement - CESR submits final advice on the content and format of Prospectus
[03-301]
 
 
01 Oct. 2003
CESR submits its final advice on the content and format of Prospectus - Annex
[03-300 Annex E]
 
 
01 Oct. 2003
CESR submits its final advice on the content and format of Prospectus
[03-300]
 
 
25 Sep. 2003
Open Hearing - CESR's advice on possible Level 2 Implementing Measures for the proposed Prospectus Directive - Agenda
[03-347]
 
 
09 Sep. 2003
Results of CESR’s public consultation on the consultation paper (Ref. CESR/03-162) on possible Level 2 implementing measures of the future Prospectus Directive
[03-286]
 
 
31 Jul. 2003
CESR sends to the European Commission its Final Advice on Disclosure Obligations for listed and issuing companies - Annexes
[03-208 Annexes]
 
 
31 Jul. 2003
CESR sends to the European Commission its Final Advice on Disclosure Obligations for listed and issuing companies
[03-208]
 
 
16 Jul. 2003
Results of CESR's public consultation on the consultation papers (Ref. CESR/03~066b & CESR/03~128) on possible Level 2 implementing measures of the future Prospectus Directive
[03-233]
 
 
01 Jul. 2003
CESR consults on Minimum Disclosure Requirements for Sovereign Issuers and Financial Information on Prospectus
[03-210b]
 
 
01 Jul. 2003
Feedback Statement - CESR sends to the European Commission its Final Advice on Disclosure Obligations for listed and issuing companies
[03-209]
 
 
01 Jul. 2003
CESR consults on Minimum Disclosure Requirements for Sovereign Issuers and Financial Information on Prospectus
[03-210b Annexes]
 
 
12 Jun. 2003
CESR’s consultation on possible Implementing Measures of the proposed Prospectus Directive – Open Hearing – 9 July 2003 – Agenda
[03-172]
 
 
12 Jun. 2003
CESR’s consultation on possible Implementing Measures of the proposed Prospectus Directive – Annex I
[03-162 Annex I]
 
 
12 Jun. 2003
CESR’s consultation on possible Implementing Measures of the proposed Prospectus Directive – Annexes
[03-162Annexes]
 
 
12 Jun. 2003
CESR's consultation on possible Implementing Measures of the proposed Prospectus Directive
[03-162]
 
 
27 May. 2003
Additional Public Hearing on possible implementing measures of the Prospectus Directive: Draft Annexes on the Technical Advice
[03-066b Annexes]
 
 
06 May. 2003
Additional Draft Feedback Statement on Level 2 Implementing measures for the proposed Prospectus Directive
[03-129]
 
 
06 May. 2003
Additional Draft Technical Advice on Level 2 Implementing measures for the proposed Prospectus Directive
[03-128]
 
 
25 Apr. 2003
Additional Public Hearing on possible implementing measures of the Prospectus Directive: Draft Feedback Statement
[03-067b]
 
 
25 Apr. 2003
Additional Public Hearing on possible implementing measures of the Prospectus Directive: Draft Annexes on the Technical Advice
[03-066b]
 
 
25 Apr. 2003
Agenda for Open Hearing on Possible Implementing measures of the Prospctus Directive
[03-111]
 
 
23 Apr. 2003
Results of CESR's public consultation on the second call for evidence to the consultation paper on possible implementing measures of the future Prospectus Directive
[03-103]
 
 
01 Apr. 2003
First set on possible implementing measures on Prospectuses: extension of initial deadline
[03-091]
 
 
01 Apr. 2003
Results of CESR’s public consultation on possible implementing measures for the future Prospectus Directive
[03-015]
 
 
07 Feb. 2003
Prospectus Mandate, second call for evidence
[03-038]
 
 
19 Dec. 2002
Addendum to the Consultation Paper (Ref. CESR/02-185b) on CESR's advice on possible Level 2 Implementing Measures for the Proposed Prospectus Directive
[02-286]
 
 
01 Dec. 2002
Annexes to the addendum (Ref. CESR/02-286) to the Consultation Paper on possible implementing measures of the proposed Prospectus Directive
[02-286 Annexe 1-12]
 
 
16 Oct. 2002
CESR Consultation on possible implementing measure of the proposed prospectus directive
[02-185b]
 
 
16 Oct. 2002
CESR Consultation on possible implementing measure of the proposed prospectus directive - Annex N
[02-185 Annex N]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex L
[02-185b Annex L]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex K
[02-185b Annex K]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex J
[02-185b Annex J]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex I
[02-185b Annex I]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex H
[02-185b Annex H]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex G
[02-185b Annex G]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex F
[02-185b Annex F]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex E
[02-185b Annex E]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex D
[02-185b Annex D]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex C
[02-185b Annex C]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex B
[02-185b Annex B]
 
 
01 Oct. 2002
CESR consultation on possible implementing measure of the proposed Prospectus Directive – Annex A
[02-185b Annex A]
 
 
13 Jul. 2002
Responses to questionnaire on the control, scrutinising and approval of prospectus
[02-100b]
 
 
27 Mar. 2002
Possible implementing measures on Prospectuses - Request for advice and call for evidence
[02-048]
 
 
10 May. 2000
FESCO Proposes the creation of a European passport for issuers
[99-098e]