Raising capital in Europe:
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| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Richmond
Richmond Law & Tax
[2005]
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 374 S. |
| ISBN: | 1904501494 |
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MARC
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| 245 | 1 | 0 | |a Raising capital in Europe |c ed.: Luis de Carlos Bertrán |
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| 650 | 4 | |a Prospectus writing |x Law and legislation |z European Union countries | |
| 650 | 4 | |a Securities |z European Union countries | |
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Record in the Search Index
| _version_ | 1804135335803748352 |
|---|---|
| adam_text | RAISING CAPITAL IN EUROPE EDITOR LUIS DE CARLOS BERTRAEN URIA & MENENDEZ,
MADRID CO-PUBLISHED WITH THE INTERNATIONAL BAR ASSOCIATION RICHMOND
CONTENTS FOREWORD BY LUIS DE CARLOS BERTRAEN VII PART I THE EU PROSPECTUS
DIRECTIVE AND REGULATORY DEVELOPMENTS OF THE CESR 1 CHAPTER 1 GENERAL
OVERVIEW: INTRODUCTION, ADOPTION PROCESS, MAIN CONCEPTS, STRENGTHS AND
WEAKNESSES OF THE EU PROSPECTUS DIRECTIVE BY DANIEL HURSTEL (WILLKIE
FARR & GALLAGHER LLP) 3 1. INTRODUCTION 3 1.1 LEVEL I FRAMEWORK
PRINCIPLES 5 1.2 LEVEL II IMPLEMENTING MEASURES 6 1.3 LEVEL III
COOPERATION 7 1.4 LEVEL IV ENFORCEMENT 7 2. ADOPTION PROCESS 8 2.1
TRANSPOSITION (NO LATER THAN 1 JULY 2005) 17 2.2 LEVEL II IMPLEMENTING
MEASURES 18 3. MAIN CONCEPTS AND TERMS USED IN THE PROSPECTUS DIRECTIVE
20 3.1 THE OBLIGATION TO PUBLISH A PROSPECTUS 21 3.2 THE EXEMPTIONS FROM
PUBLICATION REQUIREMENT 22 3.3 FORM AND CONTENT REQUIREMENTS 23 3.4 THE
APPROVAL PROCESS 25 4. STRENGTHS AND WEAKNESSES 26 4.1 THE PROSPECTUS
DIRECTIVE: A STEP FORWARD - BUT ALL ISSUES ARE NOT RESOLVED 26 4.2 LEVEL
III COOPERATION 30 5. THE PROSPECTUS DIRECTIVE IS PART OF A WIDER
EFFORT 32 5.1 MARKET ABUSE DIRECTIVE 33 5.2 MARKETS IN FINANCIAL
INSTRUMENTS DIRECTIVE 35 5.3 TRANSPARENCY DIRECTIVE 37 LAMFALUSSY
REGULATORY APPROACH 40 CHAPTER 2 WHEN TO PUBLISH A PROSPECTUS? SCOPE OF
THE PROSPECTUS DIRECTIVE: OBLIGATION TO PUBLISH A PROSPECTUS AND
EXEMPTIONS BY JAAP WILLEUMIER (STIBBE) 41 1. PURPOSE OF THE DIRECTIVE 41
RAISING CAPITAL IN EUROPE 2. MAIN CONCEPTS; IMPORTANT DEFINITIONS 42 2.1
OFFER OF SECURITIES TO THE PUBLIC 42 2.2 ADMISSION TO TRADING ON A
REGULATED MARKET 43 2.3 EQUITY AND NON-EQUITY SECURITIES 43 2.4
QUALIFIED INVESTORS 44 3. SCOPE OF THE DIRECTIVE 46 4. OBLIGATION TO
PUBLISH A PROSPECTUS 47 5. EXEMPTIONS FROM THE OBLIGATION TO PUBLISH A
PROSPECTUS 49 6. FINAL REMARKS 51 CHAPTER 3 DRAWING UP A PROSPECTUS:
CONTENT, FORMAT AND RESPONSIBILITY FOR THE PROSPECTUS BY MICHAEL A.
GREENE AND CIAN MCCOURT (A&L GOODBODY) 53 1. PURPOSE OF THE DIRECTIVE 53
2. THE PROSPECTUS 54 2.1 BASE PROSPECTUS 54 2.2 THE SUMMARY 55 2.3 THE
REGISTRATION AND SECURITIES DOCUMENTS 57 2.4 RESPONSIBILITY STATEMENT 57
2.5 OMISSION OF INFORMATION FROM THE PROSPECTUS 58 2.6 SUPPLEMENTS TO
THE PROSPECTUS 59 2.7 INCORPORATION OF INFORMATION BY REFERENCE 60 2.8
LANGUAGE OF THE PROSPECTUS 61 2.9 VALIDITY OF A PROSPECTUS 62 3. FORMAT
OF THE PROSPECTUS 62 3.1 THE PROSPECTUS AS A SINGLE OR TRIPARTITE
DOCUMENT 62 3.2 FORMAT OF A BASE PROSPECTUS 63 3.3 THE SCHEDULES 64 3.4
THE BUILDING BLOCKS 67 CHAPTER 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 BY
CHRISTOPHER ASHWORTH (ASHURST) 69 1. HOME MEMBER STATE COMPETENT
AUTHORITY RULE 69 2. ARTICLE 13: APPROVAL OF THE PROSPECTUS 71 3.
PUBLICATION 74 4. ADVERTISEMENTS 79 5. SUPPLEMENTS TO THE PROSPECTUS 80
6. CROSS-BORDER OFFERS AND ADMISSION TO TRADING 81 7. LANGUAGE 83 VI
CONTENTS CHAPTER 5 NON-EU ISSUERS: A SINGLE PASSPORT TO EUROPE?
CONSIDERATIONS AND FRAMEWORK FOR NON-EU ISSUERS UNDER THE PROSPECTUS
DIRECTIVE BY ANGEL SAAD AND JAY CLAYTON (SULLIVAN & CROMWELL LLP) 87 1.
SELECTION OF A HOME MEMBER STATE 88 1.1 ROLE OF THE HOME MEMBER STATE 88
1.2 METHOD OF HOME MEMBER STATE SELECTION 89 1.2 EXCEPTION FOR HIGHER
DENOMINATION SECURITIES 91 1.3 THE RIGHT HOME MEMBER STATE 91 2.
LANGUAGE REQUIREMENTS 92 2.1 BASIC RULES AS TO PROSPECTUSES 92 2.2
CONSIDERATIONS FOR NON-EU ISSUERS 94 3. RECOGNITION OF NON-EU DISCLOSURE
AND FINANCIAL STANDARDS 95 3.1 ACCEPTANCE OF EQUIVALENT DISCLOSURE 95
3.2 EQUIVALENCE OF US STANDARDS 95 4. PUBLICITY RESTRICTIONS 96 4.1
DEFINITION OF PUBLIC OFFER 96 4.2 REQUIREMENTS APPLICABLE TO
ADVERTISEMENTS 97 4.3 SELECTIVE DISCLOSURE 98 4.4 CONSIDERATIONS FOR
NON-EU ISSUERS 98 5. EU PRIVATE PLACEMENTS 100 5.1 BASIC EXEMPTIONS FROM
PROSPECTUS PUBLICATION 100 5.2 ENHANCED ACCESS TO EU INSTITUTIONAL
INVESTORS 100 6. IMPLEMENTATION 102 7. CONCLUSION 103 CHAPTER 6
COMPETENT AUTHORITIES AND IMPLEMENTING MEASURES: ROLE AND POWERS OF THE
COMPETENT AUTHORITIES AND COMITOLOGY PROCEDURE IN THE PROSPECTUS
DIRECTIVE BY LUIS DE CARLOS AND MARTA RIOS (URIA & MENENDEZ) 105 1.
COMPETENT AUTHORITIES 105 1.1 THE ROLE AND IMPORTANCE OF COMPETENT
AUTHORITIES IN THE PROSPECTUS DIRECTIVE: REASONS FOR HARMONISATION 105
1.2 ONE SINGLE CENTRAL COMPETENT AUTHORITY 108 1.3 POSSIBLE DELEGATION
OF THE CENTRAL COMPETENT AUTHORITY FOR A TRANSITIONAL PERIOD 1O 9 1.4
POWERS OF THE COMPETENT AUTHORITIES 111 1.5 RULES OF CONDUCT AND
PROCEDURE OF THE COMPETENT AUTHORITIES: SECRECY AND CO-OPERATION 115 2.
IMPLEMENTING MEASURES 117 2.1 BACKGROUND OF COMITOLOGY 117 2.2 THE
LAMFALUSSY PROCESS: BRIEF REFERENCES 119 VII RAISING CAPITAL IN EUROPE
2.3 COMMITTEE PROCEDURE IN THE PROSPECTUS DIRECTIVE 119 2.4 CURRENT
SITUATION AND EXPECTED FUTURE COMITOLOGY DEVELOPMENTS 120 3. SANCTIONING
REGIME 125 3.1 SANCTIONS 126 3.2 RIGHT OF APPEAL 126 PART II HOME STATE
REGULATIONS 127 CHAPTER 1 PROSPECTUS REGULATION IN AUSTRIA BY DR.
FLORIAN KHOL (BINDER GROESSWANG RECHTSANWAELTE OEG) 129 1. THE CURRENT
REGIME IN AUSTRIA FOR PUBLISHING A PROSPECTUS 129 1.1 LEGISLATION IN
AUSTRIA 129 2. BRIEF OUTLINE OF THE CURRENT AUSTRIAN PROSPECTUS REGIME
129 2.1 OBLIGATION TO PUBLISH A PROSPECTUS 129 2.2 NOTIFICATION/APPROVAL
AND PUBLICATION OF PROSPECTUSES 132 2.3 CONTENT AND STRUCTURE OF A
PROSPECTUS 133 2.4 CROSS-BORDER OFFERS 134 2.5 PARTICULARITIES UNDER
AUSTRIAN LAW 135 3. EXPECTED AMENDMENTS FOR THE IMPLEMENTATION OF THE
PROSPECTUS DIRECTIVE 137 3.1 PROSPECTUS EXEMPTIONS 137 3.2 STRUCTURE AND
CONTENT OF THE PROSPECTUS 137 3.3 REGIME FOR CROSS-BORDER OFFERINGS AND
LISTINGS OF SECURITIES 138 3.4 REGISTRATION AUTHORITY AND PUBLICATION OF
PROSPECTUSES 138 3.5 EXPECTED SCHEDULE AND PROCESS OF IMPLEMENTATION 138
CHAPTER 2 PROSPECTUS REGULATION IN BELGIUM BY JAN PEETERS AND TOM VAN
DYCK (STIBBE) 139 1. THE CURRENT REGIME IN BELGIUM FOR PUBLISHING A
PROSPECTUS 139 1.1 BACKGROUND AND OVERVIEW OF THE REGULATION 139 1.2
FUNDAMENTALS OF THE PROSPECTUS REGULATION 140 1.3 SCOPE OF THE
PROSPECTUS REGULATION 140 1.4 SUBSTANTIVE RULES OF THE PROSPECTUS
REGULATION 145 1.5 PROCEDURAL RULES OF THE PROSPECTUS REGULATION 147 1.6
CROSS-BORDER OFFERINGS 149 1.7 PROSPECTUS LIABILITY 149 1.8 IMPLEMENTING
MEASURES 150 VIII CONTENTS 2. EXPECTED CHANGES TO IMPLEMENT NEW EC
DIRECTIVES 150 CHAPTER 3 PROSPECTUS REGULATION IN DENMARK BY JOERGEN
KJERGAARD MADSEN AND HELLE SEHESTED (KROMANN REUINERT) 153 1. THE
CURRENT REGIME IN DENMARK FOR PUBLISHING A PROSPECTUS 153 1.1 THE MAIN
APPLICABLE LEGISLATION 153 1.2 WHEN TO PUBLISH A PROSPECTUS 154 1.3 HOW
TO PUBLISH A PROSPECTUS 156 1.4 CONTENT AND STRUCTURE OF A PROSPECTUS
158 1.5 CROSS-BORDER OFFERS 160 2. EXPECTED AMENDMENTS FOR THE
TRANSPOSITION OF THE DIRECTIVE 161 2.1 MAIN EXPECTED AMENDMENTS 161 2.2
EXPECTED SCHEDULE AND PROCESS FOR TRANSPOSITION 162 CHAPTER 4 PROSPECTUS
REGULATION IN FINLAND BY DIMITRIOS HIMONAS (ROSCHIER HOLMBERG, ATTORNEYS
LTD.) 163 1. THE CURRENT REGIME IN FINLAND FOR PUBLISHING A PROSPECTUS
163 1.1 THE MAIN APPLICABLE LEGISLATION 163 1.2 WHEN TO PUBLISH A
PROSPECTUS 163 1.3 HOW TO PUBLISH A PROSPECTUS 166 1.4 CONTENTS AND
STRUCTURE OF THE PROSPECTUS 167 1.5 REGIME FOR CROSS-BORDER OFFERS 170
1.6 PARTICULARITIES AND OTHER SPECIAL FEATURES OF THE FINNISH
REGULATIONS 171 2. EXPECTED AMENDMENTS FOR THE TRANSPOSITION OF THE
DIRECTIVE 171 2.1 WHEN TO PUBLISH A PROSPECTUS 172 2.2 HOW TO PUBLISH A
PROSPECTUS 174 2.3 CONTENTS AND STRUCTURE OF THE PROSPECTUS 175 2.4
CROSS-BORDER OFFERS 176 2.5 INITIAL SCHEDULE AND PROCESS FOR
TRANSPOSITION 176 CHAPTER 5 PROSPECTUS REGULATION IN FRANCE BY DANIEL
HURSTEL AND INES LE GRIS (WILLKIE FARR & GALLAGHER LLP) 177 1. THE
CURRENT REGIME FOR PUBLISHING A PROSPECTUS IN FRANCE 177 1.1 GENERAL
OVERVIEW 177 RAISING CAPITAL IN EURAPE 1.2 GENERAL PRINCIPLES REGARDING
THE OBLIGATION TO PUBLISH A PROSPECTUS IN FRANCE 179 1.3 INFORMATION TO
BE DISCLOSED IN A PROSPECTUS 190 1.4 HOW TO PUBLISH A PROSPECTUS 199 1.5
REGIME FOR CROSS-BORDER LISTINGS AND OFFERINGS OF FINANCIAL INSTRUMENTS
204 1.6 PARTICULARITIES AND OTHER SPECIAL FEATURES OF FRENCH REGULATIONS
206 2. EXPECTED AMENDMENTS FOR THE TRANSPOSITION OF THE PROSPECTUS
DIRECTIVE 208 2.1 MAIN CHANGES TO BE INTRODUCED UNDER FRENCH LAW 208 2.2
EXPECTED SCHEDULE AND PROCESS FOR TRANSPOSITION 213 CHAPTER 6 PROSPECTUS
REGULATION IN GERMANY BY ANDREAS KOENIG (FRESHFIELDS BRUCKHAUS DERINGER)
215 1. THE CURRENT REGIME IN GERMANY FOR PUBLISHING A PROSPECTUS 215 1.1
THE MAIN APPLICABLE LEGISLATION 215 1.2 CONTENT OF THE MAIN APPLICABLE
LEGISLATION 216 1.3 PARTICULARITIES AND SPECIAL FEATURES OF THE
APPLICABLE GERMAN LEGISLATION 224 2. EXPECTED AMENDMENTS FOR THE
IMPLEMENTATION OF THE DIRECTIVE 225 CHAPTER 7 PROSPECTUS REGULATION IN
GREECE BY KONSTANTINOS GR. VOUTERAKOS (KYRIAKIDES-GEORGOPOULOS) 229 1.
APPLICABLE LEGISLATION 229 2. OUTLINE OF THE CURRENT REGIME 229 2.1 WHEN
TO PUBLISH A PROSPECTUS 230 2.2 HOW TO PUBLISH A PROSPECTUS 231 2.3
CONTENTS AND STRUCTURE OF THE PROSPECTUS 234 2.4 CROSS-BORDER OFFERS 236
2.5 SPECIAL FEATURES 238 3. SIGNIFICANT AMENDMENTS TO BE INTRODUCED INTO
THE GREEK REGULATORY FRAMEWORK BY THE IMPLEMENTATION OF THE PROSPECTUS
DIRECTIVE 239 3.1 DIRECTIVE 2003/71/EC 239 3.2 TWO ISSUES WHERE GREEK
CAPITAL MARKETS LEGISLATION COMPLIES WITH THE PROVISIONS OF THE
DIRECTIVE AND NO ESSENTIAL AMENDMENTS NEED BE MADE 242 CONTENTS CHAPTER
8 PROSPECTUS REGULATION IN IRELAND BY MICHAEL GREENE AND CIAN MCCOURT
(A&L GOODBODY) 243 1. INTRODUCTION 243 2. WHEN TO PUBLISH A PROSPECTUS
243 3. THE REGIME 244 3.1 THE ACTS 245 3.2 THE PROSPECTUS REGULATIONS
246 3.3 THE LISTING PARTICULARS DIRECTIVE 247 3.4 THE LISTING RULES 247
4. REGISTRATION OF THE PROSPECTUS 249 5. PUBLICATION OF A SUPPLEMENTARY
PROSPECTUS 250 6. COMPANIES INCORPORATED OUTSIDE THE STATE 250 7.
PENALTIES FOR FAILURE TO ISSUE A PROSPECTUS 251 7.1 CIVIL LIABILITY 251
7.2 CRIMINAL LIABILITY 252 8. FUTURE DEVELOPMENTS 252 ANNEX A 253
CHAPTER 9 PROSPECTUS REGULATION IN ITALY BY CLAUDIO VISCO LL.M AND IRENE
TAGLIAMONTE LL.M. (STUDIO LEGALE MACCHI DI CELLERE GANGEMI) 257 1.
PREAMBLE 257 1.1. OVERVIEW OF APPLICABLE LEGISLATION 257 1.2 TYPES OF
PROSPECTUSES 257 2 REQUIREMENT TO PUBLISH PROSPECTUSES 258 2.1 CONCEPT
OF A PUBLIC OFFER 258 2.2 REQUIREMENT TO PUBLISH LISTING PROSPECTUSES
259 3 EXEMPTIONS FROM THE PROSPECTUS PUBLICATION REQUIREMENT 260 3.1
EXEMPTIONS RELATING TO PUBLIC OFFER PROSPECTUSES 260 3.2 EXEMPTIONS
RELATING TO LISTING PROSPECTUSES 261 4 APPROVAL PROCESS RELATING TO
PROSPECTUSES 262 4.1 HOW PUBLIC OFFER PROSPECTUSES ARE PUBLISHED 262 4.2
HOW LISTING PROSPECTUSES ARE PUBLISHED 265 5. CONTENT AND STRUCTURE OF
PROSPECTUSES 266 5.1 INFORMATION CONTAINED IN PROSPECTUSES 266 5.2 THE
INFORMATIVE DOCUMENT 266 5.3 UPDATING OF PROSPECTUSES 267 6. MUTUAL
RECOGNITION OF PROSPECTUSES 267 6.1 MUTUAL RECOGNITION OF PUBLIC OFFER
PROSPECTUSES 268 6.1 MUTUAL RECOGNITION OF LISTING PROSPECTUSES 268 7.
EXPECTED AMENDMENTS 269 RAISING CAPITAL I N EUROPE 7.1 PRINCIPLE OF HOME
COUNTRY CONTROL 269 7.2 CONCEPT OF A PUBLIC OFFER 269 7.3 EXEMPTIONS 270
7.4 APPROVAL AND PUBLICATION PROCESS 270 7.5 CONTENT AND LANGUAGE OF
PROSPECTUSES 271 CHAPTER 10 PROSPECTUS REGULATION IN LUXEMBOURG BY ALEX
SCHMITT (BONN SCHMITT STEICHEN) 273 1. THE CURRENT REGIME IN LUXEMBOURG
FOR PUBLISHING A PROSPECTUS 274 1.1 REQUIREMENTS AND PROCEDURE TO
PUBLISH A PROSPECTUS IN LUXEMBOURG 274 1.2 EXEMPTIONS FROM PUBLISHING A
PROSPECTUS AND RECOGNITION OF THE PROSPECTUS PUBLISHED IN OTHER EC
MEMBER STATES 276 2. EXPECTED AMENDMENTS FOR THE TRANSPOSITION OF THE
DIRECTIVE 277 2.1 WHEN TO PUBLISH A PROSPECTUS 277 2.2 DRAWING UP OF THE
PROSPECTUS 278 2.3 THE APPROVAL PROCESS AND PUBLICATION REQUIREMENTS 280
2.4 MUTUAL RECOGNITION 281 3. CONCLUSION 282 CHAPTER 11 PROSPECTUS
REGULATION IN THE NETHERLANDS BY DERK LEMSTRA (STIBBE) 283 1. THE
CURRENT REGIME IN THE NETHERLANDS FOR PUBLISHING A PROSPECTUS 283 1.1
LEGISLATIVE AND REGULATORY FRAMEWORK 283 1.2 WHEN TO PUBLISH A
PROSPECTUS 283 1.3 HOW TO PUBLISH A PROSPECTUS 288 1.4 CONTENT AND
STRUCTURE OF A PROSPECTUS 290 1.5 CROSS-BORDER OFFERINGS 291 2. EXPECTED
AMENDMENTS AS A RESULT OF THE IMPLEMENTATION OF THE DIRECTIVE IN THE
NETHERLANDS 292 2.1 GENERAL REMARKS 292 2.2 TYPES OF SECURITIES COVERED
292 2.3 WHEN? 293 2.4 EXEMPTIONS 293 2.5 COMPETENT AUTHORITY 293 2.6
PUBLICATION 293 2.7 DUE DILIGENCE 294 CONTENTS CHAPTER 12 PROSPECTUS
REGULATION IN PORTUGAL BY CARLOS COSTA ANDRADE (UN A & MENENDEZ) 295 1.
THE CURRENT REGIME IN PORTUGAL FOR PUBLISHING A PROSPECTUS 295 1.1
REGULATORY FRAMEWORK 295 1.2 GENERAL OVERVIEW OF THE REGULATORY
FRAMEWORK GOVERNING THE PROSPECTUS 295 1.3 CONTENT AND STRUCTURE OF THE
PROSPECTUS 299 1.4 CROSS-BORDER OFFERS AND LISTING OF SECURITIES 300 1.5
PARTICULARITIES OF PORTUGUESE LAW 302 2. EXPECTED AMENDMENTS FOR THE
TRANSPOSITION OF THE PROSPECTUS DIRECTIVE 302 2.1 EXPECTED AMENDMENTS
302 CHAPTER 13 PROSPECTUS REGULATION IN SPAIN BY JAVIER REDONET AND
ALMUDENA BENJUMEA (UN A & MENENDEZ) 307 1. THE CURRENT REGIME IN SPAIN
FOR PUBLISHING A PROSPECTUS 307 1.1 APPLICABLE SPANISH LEGISLATION 307
1.2 WHEN IS THE RIGHT TIME TO PUBLISH A PROSPECTUS? 307 1.3 HOW IS A
PROSPECTUS PUBLISHED? 311 1.4 CONTENT AND STRUCTURE OF THE PROSPECTUS.
312 1.5 REGIME FOR CROSS-BORDER ISSUES, OFFERINGS AND LISTINGS OF
SECURITIES 315 1.6 PARTICULARITIES AND OTHER SPECIAL FEATURES OF THE
SPANISH REGULATIONS 316 2. EXPECTED AMENDMENTS FOR THE IMPLEMENTATION OF
THE PROSPECTUS DIRECTIVE 317 2.1 MAIN CHANGES TO SPANISH REGULATIONS IN
ORDER TO IMPLEMENT THE DIRECTIVE 317 2.2 EXPECTED SCHEDULE FOR
IMPLEMENTATION 321 CHAPTER 14 PROSPECTUS REGULATION IN SWEDEN BY HANS
WIBOM AND JENS POHL (ADVOKATFIRMAN VINGE KB) 323 1. OUTLINE OF THE
CURRENT SWEDISH PROSPECTUS REGIME 323 1.1 THE CURRENTLY APPLICABLE
LEGISLATION AND SELF-REGULATION 323 1.2 THE OBLIGATION TO PREPARE A
PROSPECTUS 324 1.3 CONTENT AND STRUCTURE OF THE PROSPECTUS 329 1.4 HOW
TO PUBLISH A PROSPECTUS IN SWEDEN - COMPETENT AUTHORITIES AND PROCESS OF
REGISTRATION AND APPROVAL 329 1.5 REGIME FOR CROSS-BORDER OFFERS 330
XIII RAISING CAPITAL IN EUROPE 2. EXPECTED AMENDMENTS TO SWEDISH
LEGISLATION FOR THE IMPLEMENTATION OF THE DIRECTIVE 331 2.1 MAIN CHANGES
TO BE EXPECTED IN SWEDISH PROSPECTUS REGULATIONS 331 2.2 EXPECTED
SCHEDULE AND PROCESS FOR IMPLEMENTATION 333 CHAPTER 15 PROSPECTUS
REGULATION IN THE UNITED KINGDOM BY CHRISTOPHER ASHWORTH (ASHURST) 335
1. THE CURRENT REGIME IN THE UNITED KINGDOM FOR PUBLISHING A PROSPECTUS
335 1.1 THE REGIME 335 1.2 GENERAL OVERVIEW OF THE REGULATORY FRAMEWORK
GOVERNING THE ISSUE OF A PROSPECTUS 335 1.3 WHEN TO PUBLISH A
PROSPECTUS? 337 1.4 HOW TO PUBLISH A PROSPECTUS? 339 1.5 CONTENT AND
STRUCTURE OF THE PROSPECTUS 340 1.6 REGIME FOR CROSS-BORDER OFFERS 344
2. THE IMPLEMENTATION OF THE DIRECTIVE 346 APPENDIX 349 XIV
|
| adam_txt |
RAISING CAPITAL IN EUROPE EDITOR LUIS DE CARLOS BERTRAEN URIA & MENENDEZ,
MADRID CO-PUBLISHED WITH THE INTERNATIONAL BAR ASSOCIATION RICHMOND
CONTENTS FOREWORD BY LUIS DE CARLOS BERTRAEN VII PART I THE EU PROSPECTUS
DIRECTIVE AND REGULATORY DEVELOPMENTS OF THE CESR 1 CHAPTER 1 GENERAL
OVERVIEW: INTRODUCTION, ADOPTION PROCESS, MAIN CONCEPTS, STRENGTHS AND
WEAKNESSES OF THE EU PROSPECTUS DIRECTIVE BY DANIEL HURSTEL (WILLKIE
FARR & GALLAGHER LLP) 3 1. INTRODUCTION 3 1.1 LEVEL I "FRAMEWORK
PRINCIPLES" 5 1.2 LEVEL II "IMPLEMENTING MEASURES" 6 1.3 LEVEL III
"COOPERATION" 7 1.4 LEVEL IV "ENFORCEMENT" 7 2. ADOPTION PROCESS 8 2.1
TRANSPOSITION (NO LATER THAN 1 JULY 2005) 17 2.2 LEVEL II "IMPLEMENTING
MEASURES" 18 3. MAIN CONCEPTS AND TERMS USED IN THE PROSPECTUS DIRECTIVE
20 3.1 THE OBLIGATION TO PUBLISH A PROSPECTUS 21 3.2 THE EXEMPTIONS FROM
PUBLICATION REQUIREMENT 22 3.3 FORM AND CONTENT REQUIREMENTS 23 3.4 THE
APPROVAL PROCESS 25 4. STRENGTHS AND WEAKNESSES 26 4.1 THE PROSPECTUS
DIRECTIVE: A STEP FORWARD - BUT ALL ISSUES ARE NOT RESOLVED 26 4.2 LEVEL
III "COOPERATION" 30 5. THE PROSPECTUS DIRECTIVE IS PART OF A WIDER
EFFORT 32 5.1 MARKET ABUSE DIRECTIVE 33 5.2 MARKETS IN FINANCIAL
INSTRUMENTS DIRECTIVE 35 5.3 TRANSPARENCY DIRECTIVE 37 LAMFALUSSY
REGULATORY APPROACH 40 CHAPTER 2 WHEN TO PUBLISH A PROSPECTUS? SCOPE OF
THE PROSPECTUS DIRECTIVE: OBLIGATION TO PUBLISH A PROSPECTUS AND
EXEMPTIONS BY JAAP WILLEUMIER (STIBBE) 41 1. PURPOSE OF THE DIRECTIVE 41
RAISING CAPITAL IN EUROPE 2. MAIN CONCEPTS; IMPORTANT DEFINITIONS 42 2.1
OFFER OF SECURITIES TO THE PUBLIC 42 2.2 ADMISSION TO TRADING ON A
REGULATED MARKET 43 2.3 EQUITY AND NON-EQUITY SECURITIES 43 2.4
QUALIFIED INVESTORS 44 3. SCOPE OF THE DIRECTIVE 46 4. OBLIGATION TO
PUBLISH A PROSPECTUS 47 5. EXEMPTIONS FROM THE OBLIGATION TO PUBLISH A
PROSPECTUS 49 6. FINAL REMARKS 51 CHAPTER 3 DRAWING UP A PROSPECTUS:
CONTENT, FORMAT AND RESPONSIBILITY FOR THE PROSPECTUS BY MICHAEL A.
GREENE AND CIAN MCCOURT (A&L GOODBODY) 53 1. PURPOSE OF THE DIRECTIVE 53
2. THE PROSPECTUS 54 2.1 BASE PROSPECTUS 54 2.2 THE SUMMARY 55 2.3 THE
REGISTRATION AND SECURITIES DOCUMENTS 57 2.4 RESPONSIBILITY STATEMENT 57
2.5 OMISSION OF INFORMATION FROM THE PROSPECTUS 58 2.6 SUPPLEMENTS TO
THE PROSPECTUS 59 2.7 INCORPORATION OF INFORMATION BY REFERENCE 60 2.8
LANGUAGE OF THE PROSPECTUS 61 2.9 VALIDITY OF A PROSPECTUS 62 3. FORMAT
OF THE PROSPECTUS 62 3.1 THE PROSPECTUS AS A SINGLE OR TRIPARTITE
DOCUMENT 62 3.2 FORMAT OF A BASE PROSPECTUS 63 3.3 THE SCHEDULES 64 3.4
THE BUILDING BLOCKS 67 CHAPTER 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 BY
CHRISTOPHER ASHWORTH (ASHURST) 69 1. HOME MEMBER STATE COMPETENT
AUTHORITY RULE 69 2. ARTICLE 13: APPROVAL OF THE PROSPECTUS 71 3.
PUBLICATION 74 4. ADVERTISEMENTS 79 5. SUPPLEMENTS TO THE PROSPECTUS 80
6. CROSS-BORDER OFFERS AND ADMISSION TO TRADING 81 7. LANGUAGE 83 VI
CONTENTS CHAPTER 5 NON-EU ISSUERS: A SINGLE PASSPORT TO EUROPE?
CONSIDERATIONS AND FRAMEWORK FOR NON-EU ISSUERS UNDER THE PROSPECTUS
DIRECTIVE BY ANGEL SAAD AND JAY CLAYTON (SULLIVAN & CROMWELL LLP) 87 1.
SELECTION OF A HOME MEMBER STATE 88 1.1 ROLE OF THE HOME MEMBER STATE 88
1.2 METHOD OF HOME MEMBER STATE SELECTION 89 1.2 EXCEPTION FOR HIGHER
DENOMINATION SECURITIES 91 1.3 THE "RIGHT" HOME MEMBER STATE 91 2.
LANGUAGE REQUIREMENTS 92 2.1 BASIC RULES AS TO PROSPECTUSES 92 2.2
CONSIDERATIONS FOR NON-EU ISSUERS 94 3. RECOGNITION OF NON-EU DISCLOSURE
AND FINANCIAL STANDARDS 95 3.1 ACCEPTANCE OF "EQUIVALENT" DISCLOSURE 95
3.2 EQUIVALENCE OF US STANDARDS 95 4. PUBLICITY RESTRICTIONS 96 4.1
DEFINITION OF PUBLIC OFFER 96 4.2 REQUIREMENTS APPLICABLE TO
ADVERTISEMENTS 97 4.3 SELECTIVE DISCLOSURE 98 4.4 CONSIDERATIONS FOR
NON-EU ISSUERS 98 5. EU PRIVATE PLACEMENTS 100 5.1 BASIC EXEMPTIONS FROM
PROSPECTUS PUBLICATION 100 5.2 ENHANCED ACCESS TO EU INSTITUTIONAL
INVESTORS 100 6. IMPLEMENTATION 102 7. CONCLUSION 103 CHAPTER 6
COMPETENT AUTHORITIES AND IMPLEMENTING MEASURES: ROLE AND POWERS OF THE
COMPETENT AUTHORITIES AND COMITOLOGY PROCEDURE IN THE PROSPECTUS
DIRECTIVE BY LUIS DE CARLOS AND MARTA RIOS (URIA & MENENDEZ) 105 1.
COMPETENT AUTHORITIES 105 1.1 THE ROLE AND IMPORTANCE OF COMPETENT
AUTHORITIES IN THE PROSPECTUS DIRECTIVE: REASONS FOR HARMONISATION 105
1.2 ONE SINGLE CENTRAL COMPETENT AUTHORITY 108 1.3 POSSIBLE DELEGATION
OF THE CENTRAL COMPETENT AUTHORITY FOR A TRANSITIONAL PERIOD 1O 9 1.4
POWERS OF THE COMPETENT AUTHORITIES 111 1.5 RULES OF CONDUCT AND
PROCEDURE OF THE COMPETENT AUTHORITIES: SECRECY AND CO-OPERATION 115 2.
IMPLEMENTING MEASURES 117 2.1 BACKGROUND OF COMITOLOGY 117 2.2 THE
LAMFALUSSY PROCESS: BRIEF REFERENCES 119 VII RAISING CAPITAL IN EUROPE
2.3 COMMITTEE PROCEDURE IN THE PROSPECTUS DIRECTIVE 119 2.4 CURRENT
SITUATION AND EXPECTED FUTURE COMITOLOGY DEVELOPMENTS 120 3. SANCTIONING
REGIME 125 3.1 SANCTIONS 126 3.2 RIGHT OF APPEAL 126 PART II HOME STATE
REGULATIONS 127 CHAPTER 1 PROSPECTUS REGULATION IN AUSTRIA BY DR.
FLORIAN KHOL (BINDER GROESSWANG RECHTSANWAELTE OEG) 129 1. THE CURRENT
REGIME IN AUSTRIA FOR PUBLISHING A PROSPECTUS 129 1.1 LEGISLATION IN
AUSTRIA 129 2. BRIEF OUTLINE OF THE CURRENT AUSTRIAN PROSPECTUS REGIME
129 2.1 OBLIGATION TO PUBLISH A PROSPECTUS 129 2.2 NOTIFICATION/APPROVAL
AND PUBLICATION OF PROSPECTUSES 132 2.3 CONTENT AND STRUCTURE OF A
PROSPECTUS 133 2.4 CROSS-BORDER OFFERS 134 2.5 PARTICULARITIES UNDER
AUSTRIAN LAW 135 3. EXPECTED AMENDMENTS FOR THE IMPLEMENTATION OF THE
PROSPECTUS DIRECTIVE 137 3.1 PROSPECTUS EXEMPTIONS 137 3.2 STRUCTURE AND
CONTENT OF THE PROSPECTUS 137 3.3 REGIME FOR CROSS-BORDER OFFERINGS AND
LISTINGS OF SECURITIES 138 3.4 REGISTRATION AUTHORITY AND PUBLICATION OF
PROSPECTUSES 138 3.5 EXPECTED SCHEDULE AND PROCESS OF IMPLEMENTATION 138
CHAPTER 2 PROSPECTUS REGULATION IN BELGIUM BY JAN PEETERS AND TOM VAN
DYCK (STIBBE) 139 1. THE CURRENT REGIME IN BELGIUM FOR PUBLISHING A
PROSPECTUS 139 1.1 BACKGROUND AND OVERVIEW OF THE REGULATION 139 1.2
FUNDAMENTALS OF THE PROSPECTUS REGULATION 140 1.3 SCOPE OF THE
PROSPECTUS REGULATION 140 1.4 SUBSTANTIVE RULES OF THE PROSPECTUS
REGULATION 145 1.5 PROCEDURAL RULES OF THE PROSPECTUS REGULATION 147 1.6
CROSS-BORDER OFFERINGS 149 1.7 PROSPECTUS LIABILITY 149 1.8 IMPLEMENTING
MEASURES 150 VIII CONTENTS 2. EXPECTED CHANGES TO IMPLEMENT NEW EC
DIRECTIVES 150 CHAPTER 3 PROSPECTUS REGULATION IN DENMARK BY JOERGEN
KJERGAARD MADSEN AND HELLE SEHESTED (KROMANN REUINERT) 153 1. THE
CURRENT REGIME IN DENMARK FOR PUBLISHING A PROSPECTUS 153 1.1 THE MAIN
APPLICABLE LEGISLATION 153 1.2 WHEN TO PUBLISH A PROSPECTUS 154 1.3 HOW
TO PUBLISH A PROSPECTUS 156 1.4 CONTENT AND STRUCTURE OF A PROSPECTUS
158 1.5 CROSS-BORDER OFFERS 160 2. EXPECTED AMENDMENTS FOR THE
TRANSPOSITION OF THE DIRECTIVE 161 2.1 MAIN EXPECTED AMENDMENTS 161 2.2
EXPECTED SCHEDULE AND PROCESS FOR TRANSPOSITION 162 CHAPTER 4 PROSPECTUS
REGULATION IN FINLAND BY DIMITRIOS HIMONAS (ROSCHIER HOLMBERG, ATTORNEYS
LTD.) 163 1. THE CURRENT REGIME IN FINLAND FOR PUBLISHING A PROSPECTUS
163 1.1 THE MAIN APPLICABLE LEGISLATION 163 1.2 WHEN TO PUBLISH A
PROSPECTUS 163 1.3 HOW TO PUBLISH A PROSPECTUS 166 1.4 CONTENTS AND
STRUCTURE OF THE PROSPECTUS 167 1.5 REGIME FOR CROSS-BORDER OFFERS 170
1.6 PARTICULARITIES AND OTHER SPECIAL FEATURES OF THE FINNISH
REGULATIONS 171 2. EXPECTED AMENDMENTS FOR THE TRANSPOSITION OF THE
DIRECTIVE 171 2.1 WHEN TO PUBLISH A PROSPECTUS 172 2.2 HOW TO PUBLISH A
PROSPECTUS 174 2.3 CONTENTS AND STRUCTURE OF THE PROSPECTUS 175 2.4
CROSS-BORDER OFFERS 176 2.5 INITIAL SCHEDULE AND PROCESS FOR
TRANSPOSITION 176 CHAPTER 5 PROSPECTUS REGULATION IN FRANCE BY DANIEL
HURSTEL AND INES LE GRIS (WILLKIE FARR & GALLAGHER LLP) 177 1. THE
CURRENT REGIME FOR PUBLISHING A PROSPECTUS IN FRANCE 177 1.1 GENERAL
OVERVIEW 177 RAISING CAPITAL IN EURAPE 1.2 GENERAL PRINCIPLES REGARDING
THE OBLIGATION TO PUBLISH A PROSPECTUS IN FRANCE 179 1.3 INFORMATION TO
BE DISCLOSED IN A PROSPECTUS 190 1.4 HOW TO PUBLISH A PROSPECTUS 199 1.5
REGIME FOR CROSS-BORDER LISTINGS AND OFFERINGS OF FINANCIAL INSTRUMENTS
204 1.6 PARTICULARITIES AND OTHER SPECIAL FEATURES OF FRENCH REGULATIONS
206 2. EXPECTED AMENDMENTS FOR THE TRANSPOSITION OF THE PROSPECTUS
DIRECTIVE 208 2.1 MAIN CHANGES TO BE INTRODUCED UNDER FRENCH LAW 208 2.2
EXPECTED SCHEDULE AND PROCESS FOR TRANSPOSITION 213 CHAPTER 6 PROSPECTUS
REGULATION IN GERMANY BY ANDREAS KOENIG (FRESHFIELDS BRUCKHAUS DERINGER)
215 1. THE CURRENT REGIME IN GERMANY FOR PUBLISHING A PROSPECTUS 215 1.1
THE MAIN APPLICABLE LEGISLATION 215 1.2 CONTENT OF THE MAIN APPLICABLE
LEGISLATION 216 1.3 PARTICULARITIES AND SPECIAL FEATURES OF THE
APPLICABLE GERMAN LEGISLATION 224 2. EXPECTED AMENDMENTS FOR THE
IMPLEMENTATION OF THE DIRECTIVE 225 CHAPTER 7 PROSPECTUS REGULATION IN
GREECE BY KONSTANTINOS GR. VOUTERAKOS (KYRIAKIDES-GEORGOPOULOS) 229 1.
APPLICABLE LEGISLATION 229 2. OUTLINE OF THE CURRENT REGIME 229 2.1 WHEN
TO PUBLISH A PROSPECTUS 230 2.2 HOW TO PUBLISH A PROSPECTUS 231 2.3
CONTENTS AND STRUCTURE OF THE PROSPECTUS 234 2.4 CROSS-BORDER OFFERS 236
2.5 SPECIAL FEATURES 238 3. SIGNIFICANT AMENDMENTS TO BE INTRODUCED INTO
THE GREEK REGULATORY FRAMEWORK BY THE IMPLEMENTATION OF THE PROSPECTUS
DIRECTIVE 239 3.1 DIRECTIVE 2003/71/EC 239 3.2 TWO ISSUES WHERE GREEK
CAPITAL MARKETS LEGISLATION COMPLIES WITH THE PROVISIONS OF THE
DIRECTIVE AND NO ESSENTIAL AMENDMENTS NEED BE MADE 242 CONTENTS CHAPTER
8 PROSPECTUS REGULATION IN IRELAND BY MICHAEL GREENE AND CIAN MCCOURT
(A&L GOODBODY) 243 1. INTRODUCTION 243 2. WHEN TO PUBLISH A PROSPECTUS
243 3. THE REGIME 244 3.1 THE ACTS 245 3.2 THE PROSPECTUS REGULATIONS
246 3.3 THE LISTING PARTICULARS DIRECTIVE 247 3.4 THE LISTING RULES 247
4. REGISTRATION OF THE PROSPECTUS 249 5. PUBLICATION OF A SUPPLEMENTARY
PROSPECTUS 250 6. COMPANIES INCORPORATED OUTSIDE THE STATE 250 7.
PENALTIES FOR FAILURE TO ISSUE A PROSPECTUS 251 7.1 CIVIL LIABILITY 251
7.2 CRIMINAL LIABILITY 252 8. FUTURE DEVELOPMENTS 252 ANNEX A 253
CHAPTER 9 PROSPECTUS REGULATION IN ITALY BY CLAUDIO VISCO LL.M AND IRENE
TAGLIAMONTE LL.M. (STUDIO LEGALE MACCHI DI CELLERE GANGEMI) 257 1.
PREAMBLE 257 1.1. OVERVIEW OF APPLICABLE LEGISLATION 257 1.2 TYPES OF
PROSPECTUSES 257 2 REQUIREMENT TO PUBLISH PROSPECTUSES 258 2.1 CONCEPT
OF A PUBLIC OFFER 258 2.2 REQUIREMENT TO PUBLISH LISTING PROSPECTUSES
259 3 EXEMPTIONS FROM THE PROSPECTUS PUBLICATION REQUIREMENT 260 3.1
EXEMPTIONS RELATING TO PUBLIC OFFER PROSPECTUSES 260 3.2 EXEMPTIONS
RELATING TO LISTING PROSPECTUSES 261 4 APPROVAL PROCESS RELATING TO
PROSPECTUSES 262 4.1 HOW PUBLIC OFFER PROSPECTUSES ARE PUBLISHED 262 4.2
HOW LISTING PROSPECTUSES ARE PUBLISHED 265 5. CONTENT AND STRUCTURE OF
PROSPECTUSES 266 5.1 INFORMATION CONTAINED IN PROSPECTUSES 266 5.2 THE
INFORMATIVE DOCUMENT 266 5.3 UPDATING OF PROSPECTUSES 267 6. MUTUAL
RECOGNITION OF PROSPECTUSES 267 6.1 MUTUAL RECOGNITION OF PUBLIC OFFER
PROSPECTUSES 268 6.1 MUTUAL RECOGNITION OF LISTING PROSPECTUSES 268 7.
EXPECTED AMENDMENTS 269 RAISING CAPITAL I N EUROPE 7.1 PRINCIPLE OF HOME
COUNTRY CONTROL 269 7.2 CONCEPT OF A PUBLIC OFFER 269 7.3 EXEMPTIONS 270
7.4 APPROVAL AND PUBLICATION PROCESS 270 7.5 CONTENT AND LANGUAGE OF
PROSPECTUSES 271 CHAPTER 10 PROSPECTUS REGULATION IN LUXEMBOURG BY ALEX
SCHMITT (BONN SCHMITT STEICHEN) 273 1. THE CURRENT REGIME IN LUXEMBOURG
FOR PUBLISHING A PROSPECTUS 274 1.1 REQUIREMENTS AND PROCEDURE TO
PUBLISH A PROSPECTUS IN LUXEMBOURG 274 1.2 EXEMPTIONS FROM PUBLISHING A
PROSPECTUS AND RECOGNITION OF THE PROSPECTUS PUBLISHED IN OTHER EC
MEMBER STATES 276 2. EXPECTED AMENDMENTS FOR THE TRANSPOSITION OF THE
DIRECTIVE 277 2.1 WHEN TO PUBLISH A PROSPECTUS 277 2.2 DRAWING UP OF THE
PROSPECTUS 278 2.3 THE APPROVAL PROCESS AND PUBLICATION REQUIREMENTS 280
2.4 MUTUAL RECOGNITION 281 3. CONCLUSION 282 CHAPTER 11 PROSPECTUS
REGULATION IN THE NETHERLANDS BY DERK LEMSTRA (STIBBE) 283 1. THE
CURRENT REGIME IN THE NETHERLANDS FOR PUBLISHING A PROSPECTUS 283 1.1
LEGISLATIVE AND REGULATORY FRAMEWORK 283 1.2 WHEN TO PUBLISH A
PROSPECTUS 283 1.3 HOW TO PUBLISH A PROSPECTUS 288 1.4 CONTENT AND
STRUCTURE OF A PROSPECTUS 290 1.5 CROSS-BORDER OFFERINGS 291 2. EXPECTED
AMENDMENTS AS A RESULT OF THE IMPLEMENTATION OF THE DIRECTIVE IN THE
NETHERLANDS 292 2.1 GENERAL REMARKS 292 2.2 TYPES OF SECURITIES COVERED
292 2.3 WHEN? 293 2.4 EXEMPTIONS 293 2.5 COMPETENT AUTHORITY 293 2.6
PUBLICATION 293 2.7 DUE DILIGENCE 294 CONTENTS CHAPTER 12 PROSPECTUS
REGULATION IN PORTUGAL BY CARLOS COSTA ANDRADE (UN'A & MENENDEZ) 295 1.
THE CURRENT REGIME IN PORTUGAL FOR PUBLISHING A PROSPECTUS 295 1.1
REGULATORY FRAMEWORK 295 1.2 GENERAL OVERVIEW OF THE REGULATORY
FRAMEWORK GOVERNING THE PROSPECTUS 295 1.3 CONTENT AND STRUCTURE OF THE
PROSPECTUS 299 1.4 CROSS-BORDER OFFERS AND LISTING OF SECURITIES 300 1.5
PARTICULARITIES OF PORTUGUESE LAW 302 2. EXPECTED AMENDMENTS FOR THE
TRANSPOSITION OF THE PROSPECTUS DIRECTIVE 302 2.1 EXPECTED AMENDMENTS
302 CHAPTER 13 PROSPECTUS REGULATION IN SPAIN BY JAVIER REDONET AND
ALMUDENA BENJUMEA (UN'A & MENENDEZ) 307 1. THE CURRENT REGIME IN SPAIN
FOR PUBLISHING A PROSPECTUS 307 1.1 APPLICABLE SPANISH LEGISLATION 307
1.2 WHEN IS THE RIGHT TIME TO PUBLISH A PROSPECTUS? 307 1.3 HOW IS A
PROSPECTUS PUBLISHED? 311 1.4 CONTENT AND STRUCTURE OF THE PROSPECTUS.
312 1.5 REGIME FOR CROSS-BORDER ISSUES, OFFERINGS AND LISTINGS OF
SECURITIES 315 1.6 PARTICULARITIES AND OTHER SPECIAL FEATURES OF THE
SPANISH REGULATIONS 316 2. EXPECTED AMENDMENTS FOR THE IMPLEMENTATION OF
THE PROSPECTUS DIRECTIVE 317 2.1 MAIN CHANGES TO SPANISH REGULATIONS IN
ORDER TO IMPLEMENT THE DIRECTIVE 317 2.2 EXPECTED SCHEDULE FOR
IMPLEMENTATION 321 CHAPTER 14 PROSPECTUS REGULATION IN SWEDEN BY HANS
WIBOM AND JENS POHL (ADVOKATFIRMAN VINGE KB) 323 1. OUTLINE OF THE
CURRENT SWEDISH PROSPECTUS REGIME 323 1.1 THE CURRENTLY APPLICABLE
LEGISLATION AND SELF-REGULATION 323 1.2 THE OBLIGATION TO PREPARE A
PROSPECTUS 324 1.3 CONTENT AND STRUCTURE OF THE PROSPECTUS 329 1.4 HOW
TO PUBLISH A PROSPECTUS IN SWEDEN - COMPETENT AUTHORITIES AND PROCESS OF
REGISTRATION AND APPROVAL 329 1.5 REGIME FOR CROSS-BORDER OFFERS 330
XIII RAISING CAPITAL IN EUROPE 2. EXPECTED AMENDMENTS TO SWEDISH
LEGISLATION FOR THE IMPLEMENTATION OF THE DIRECTIVE 331 2.1 MAIN CHANGES
TO BE EXPECTED IN SWEDISH PROSPECTUS REGULATIONS 331 2.2 EXPECTED
SCHEDULE AND PROCESS FOR IMPLEMENTATION 333 CHAPTER 15 PROSPECTUS
REGULATION IN THE UNITED KINGDOM BY CHRISTOPHER ASHWORTH (ASHURST) 335
1. THE CURRENT REGIME IN THE UNITED KINGDOM FOR PUBLISHING A PROSPECTUS
335 1.1 THE REGIME 335 1.2 GENERAL OVERVIEW OF THE REGULATORY FRAMEWORK
GOVERNING THE ISSUE OF A PROSPECTUS 335 1.3 WHEN TO PUBLISH A
PROSPECTUS? 337 1.4 HOW TO PUBLISH A PROSPECTUS? 339 1.5 CONTENT AND
STRUCTURE OF THE PROSPECTUS 340 1.6 REGIME FOR CROSS-BORDER OFFERS 344
2. THE IMPLEMENTATION OF THE DIRECTIVE 346 APPENDIX 349 XIV |
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