Responsibility For Information Within A Prospectus For Debt Securities

On 16 September, 2011, the Central Bank published a guidance paper entitled "Responsibility for Information within a Prospectus for Debt Securities".

The publication indicates that an issue has arisen with regard to the drafting of responsibility statements in debt prospectuses. Recent practice has allowed "split responsibility" statements where it would appear that the issuer disclaims responsibility for certain parts of the prospectus. This practice has its roots in the regime that existed prior to the implementation of Directive 2003/71/EC (the "Prospectus Directive") in Ireland by the Investment Funds, Companies and Miscellaneous Provisions Act, 2005 (the "2005 Act") and the Prospectus (Directive 2003/71/EC) Regulations 2005 (the "Irish Regulations"). The Central Bank publication clarifies that this practice is not permitted.