Introduction
The Prospectus Directive [2003/71/EC], as supplemented by the
Prospectus Regulation (EC No. 809/2004) provides for a single
regime throughout the EU governing the content, format, approval
and publication of prospectuses. The Prospectus Directive requires
a prospectus to be published where either an offer of securities is
made to the public or securities are admitted to trading on a
regulated market. The Prospectus Regulation prescribes the form and
content of a prospectus required by the Prospectus Directive.
Scope of the Prospectus Directive
The securities to which the Prospectus Directive applies are
'transferable securities' as defined in MiFID, other than
money market instruments which have a maturity of less than 12
months (such as treasury bills, certificates of deposit and
commercial papers). Transferable securities are defined in MiFID as
those classes of securities which are negotiable on the capital
market (with the exception of
