This practical handbook details the new regulatory framework which applies to the publication and approval of a prospectus when securities are offered to the public or admitted to trading in EU markets. A panel of securities and capital markets law experts consider the features of the Prospectus Directive and its future implementation in EU member states. The first part of the book analyses the scope of the Directive, the key procedural stages in the publication and approval of a prospectus, and the regulatory activities of the Committee of European Securities Regulators and other competent authorities. The second part outlines the current prospectus regime in 15 EU member states with reference to the applicable legislation and the nature and schedule of expected amendments following implementation of the Directive.
Readership
Raising Capital in Europe provides a source of essential practical reference for EU and non-EU issuers, regulators, practising lawyers, investment bankers and corporate counsel to ensure a prospectus for securities offered to the public or admitted to trading in the European markets is published and approved in the most efficient manner.
Table of Contents
Foreword
I THE EU PROSPECTUS DIRECTIVE AND REGULATORY
DEVELOPMENTS OF CESR
1. General Overview
2. When to Publish a Prospectus
3. Drawing Up a Prospectus
4. Where and How to Publish a Prospectus
5. Non-EU Issuers
6. Competent Authorities and Implementing Measures
II HOME STATE REGULATIONS
Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom
DETAILED CONTENTS
Foreword
I THE EU PROSPECTUS DIRECTIVE AND REGULATORY
DEVELOPMENTS OF CESR
1. General Overview: Introduction, adoption process, main concepts, strengths and weaknesses of the EU Prospectus Directive
Daniel Hurstel, Willkie Farr & Gallagher LLP.
2. When to publish a Prospectus?: Scope of the Prospectus Directive. Obligation to publish a prospectus and exemptions
Jaap Willeumier, Stibbe.
3. Drawing up a Prospectus: Content, format and responsibility for the Prospectus
Michael A. Greene & Cian McCourt, A&L Goodbody.
4. Where and how to publish the Prospectus?: Approval and publication of the Prospectus. Cross border offers and admission to trading and language in the Prospectus
ChrisTopher Ashworth, Ashurst.
5. Non-EU Issuers: A Single Passport to Europe: Considerations and framework for non-EU issuers under the Prospectus Directive
Angel Saad & Jay Clayton, Sullivan & Cromwell.
6. Competent authorities and implementing measures: Role and powers of the competent authorities and comitology procedure in the Prospectus Directive
Luis de Carlos Bertrán & Marta Rios, Uría & Menèndez.
II HOME STATE REGULATIONS
1. Austria, Florian Khol, Binder Grösswang Rechtsanwälte OEG
2. Belgium, Jan Peeters & Tom Van Dyck, Stibbe
3. Denmark, Jørgen Kjeergard Madsen & Helle Sehested, Kromann Reumert
4. Finland, Dimitrios Himonas, Roschier Holmberg, Attorneys Ltd.
5. France, Daniel Hurstel & Ines LeGris, Willkie Farr & Gallagher LLP.
6. Germany, Andreas König, Freshfields Bruckhaus Deringer
7. Greece, Konstantinos Gr. Vouterakos, Kyriakides-Georgopoulos
8. Ireland, Michael A. Greene & Cian McCourt, A&L Goodbody
9. Italy, Claudio Visco, Studio Legale Macchi di Cellere Gangemi
10. Luxembourg, Alex Schmitt, Bonn Schmitt Steichen
11. Netherlands, Derk Lemstra, Stibbe
12. Portugal, Carlos Costa Andrade, Uría & Menèndez
12. Spain, Javier Redonet & Almudena Benjumea, Uría & Menèndez
13. Sweden, Hans Wibom & Jens Pohl, Advokatfirman Vinge KB
14. United Kingdom, ChrisTopher Ashworth, Ashurst
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