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CESR seeks comments on several disclosure issues

  • European Union (old) Image

01 Aug 2003

The Committee of European Securities Regulators has invited comment on several issues for implementing the single prospectus directive.

Comments are due by 30 October 2003. The issues are set out in a Consultation Paper (PDF 155k) and Annexes (PDF 264k):
  • Historical financial information that should be included in prospectuses of business enterprises and the extent to which it should be restated to conform to IFRS.
  • Disclosures that should be included in the prospectus of a governmental entity (EU Member State, Non-EU State, or their regional or local authorities) that wants to offer securities to the public or admit its securities to trading using a pan-European prospectus (which is not mandatory). Instead of including financial statements, CESR leans toward requiring such issuers to disclose risk factors, a discourse on the economy, a summary of the debt and debt payment record, budgetary issues, political information, legal and arbitration proceedings, and trend information.
  • Advertising of securities offerings.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.