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ARTICLE · 25 MAY 2004

The EU Prospectus Directive

Pillsbury Winthrop Shaw Pittman
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The EU Prospectus Directive (Directive 2003/71/EC) became effective on December 31, 2003.

United StatesInternational Law
Al Turnbull
Al Turnbull
Stefanie Roth
Stefanie Roth

Introduction

The EU Prospectus Directive (Directive 2003/71/EC) became effective on December 31, 2003. The purpose of the Prospectus Directive is to unify the law on the document requirements when offers of securities (whether debt or equity) are made to the public in any Member State of the European Union (EU). There are two key points of note in the Prospectus Directive:

  • subject to certain exemptions, the Prospectus Directive will require the publication of a prospectus when securities are offered to the public or admitted to trading on a regulated market in the EU. The prospectus will need to be approved by the securities regulator in the EU "Home Member State" of the issuer who will also be responsible for monitoring ongoing regulatory compliance

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