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CESR 'call for evidence' on historical financial information

  • European Union (old) Image

06 Jun 2005

The Committee of European Securities Regulators (CESR) has issued a (PDF 131k) inviting comments on what additional financial information should be included in a prospectus when the issuer has not prepared its historical financial statements as a single business entity during the whole period for which historical financial information is required under the EC's Prospectus Regulation 809/2004 of 29 April 2004. Comment deadline is 20 June 2005. Examples of such circumstances include: the issuer is a newly incorporated holding company inserted over an established business; the issuer consists of companies that were under common control or ownership but which never formed a legal group; the issuer has made a significant acquisition (representing more than 25% of the group) during the three year historical record or subsequent to the last audited consolidated financial information on the issuer; the issuer has disposed of a significant part of its business since the last audited accounts; the issuer has changed its accounting reference date during the three year period. .

The Committee of European Securities Regulators (CESR) has issued a (PDF 131k) inviting comments on what additional financial information should be included in a prospectus when the issuer has not prepared its historical financial statements as a single business entity during the whole period for which historical financial information is required under the EC's Prospectus Regulation 809/2004 of 29 April 2004. Comment deadline is 20 June 2005. Examples of such circumstances include:

  • the issuer is a newly incorporated holding company inserted over an established business;
  • the issuer consists of companies that were under common control or ownership but which never formed a legal group;
  • the issuer has made a significant acquisition (representing more than 25% of the group) during the three year historical record or subsequent to the last audited consolidated financial information on the issuer;
  • the issuer has disposed of a significant part of its business since the last audited accounts;
  • the issuer has changed its accounting reference date during the three year period.

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