Abstract
The Prospectus Directive, due to come into force on 1st July, 2005 (the Directive), will harmonise the requirements for the content, approval and publication of prospectuses in relation to offers of securities to the public and applications to admit securities to trading on a regulated market in the EU. It provides for maximum rather than minimum harmonisation of rules relating to prospectuses, in that member states cannot in general require compliance with standards going beyond the requirements of the Directive. Its provisions will be implemented by a Commission Regulation (the Regulation) which will also apply from 1st July, 2005 and member states are required to transpose the Directive by that date. This paper describes the mechanics of the new regime. Of particular interest to those in the business of marketing financial services are the new EU-wide rules on publication of prospectuses and advertisements in connection with them, as explained below.
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