The Prospectus Directive
The Prospectus Directive
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招股说明书指令
DOI：
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
Daniel Rabinowitz
中科院分区：
文献类型：
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作者：
B. Breslin;Daniel Rabinowitz
将于2005年7月1日生效的招股说明书指令(该指令)将协调招股说明书的内容、批准和发布的要求，这些要求涉及向公众提供证券以及申请允许证券在欧盟受监管的市场进行交易。它规定了与招股说明书相关的规则的最大协调，而不是最小协调，因为成员国一般不能要求遵守超出指令要求的标准。它的规定将通过欧盟委员会的一项条例(该条例)实施，该条例也将从2005年7月1日起适用，成员国被要求在该日期之前调换该指令。这篇论文描述了新制度的机制。从事金融服务营销业务的人特别感兴趣的是欧盟范围内关于发布招股说明书和与之相关的广告的新规则，如下所述。
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.