Directive 2003/71 / EC (prospectus directive)
 Directive 2003/71 / EC |
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|---|---|
| Title: | Directive 2003/71 / EC of the European Parliament and of the Council of November 4, 2003 on the prospectus to be published when securities are offered to the public or when they are admitted to trading, and amending Directive 2001/34 / EC |
| Designation: (not official) |
Prospectus Directive |
| Scope: | EEA |
| Date of issue: | November 4, 2003 |
| Come into effect: | December 31, 2003 |
| To be used from: | July 1, 2005 |
| Expiry: | 20th July 2019 |
| Full text |
Consolidated version (not official) basic version |
| Regulation has expired. | |
| Please note the information on the current version of legal acts of the European Union ! | |
The Directive 2003/71 / EC , in short prospectus directive is a directive of the European Community , which has been created a European capital single market in the course of development.
tasks
With the Prospectus Directive on November 4, 2003, the European Parliament and the Council determined the formalities and contents of prospectuses that are to be published in the event of public offers of securities or their admission to trading. It represents an amendment to Directive 2001/34 / EC and has replaced the previous stock exchange prospectus guidelines from 1980 and 2001 as well as the issuance prospectus guidelines from 2001.
A key achievement of the directive is the so-called European passport for issuers . According to this, issuers are to be put in a position to use the prospectus , which has already been approved in a country in the European Economic Area , for public offers and stock exchange admissions throughout Europe.
The prospectus directive had to be implemented into national law by July 1, 2005. The German legislator has fulfilled this with the Securities Prospectus Act (WpPG), the Austrian with the Capital Markets Act (KMG).
There has been a noticeable increase in cross-border issues since mid-2005, with most prospectuses coming from the capital market centers of Germany, Luxembourg and the United Kingdom.
In Germany, the implementation of the directive was accompanied by the appointment of a central administrative authority, which is responsible for approving prospectuses for all market segments (official and regulated market as well as public offering of securities). The task is performed by the Federal Financial Supervisory Authority (BaFin) in Frankfurt am Main, which has set up a group of prospectuses. Other national supervisory authorities include the Financial Services Authority (FSA) in the UK , the CSSF in Luxembourg and the Financial Market Authority (FMA) in Austria.
Revision
In accordance with the revision clause contained in the directive, it has been adapted to market conditions and revised (Amendment Directive 2010/73 / EU of November 24, 2010; OJ 2010 L 327/1). The changes had to be implemented into national law by the member states of the EU by July 1, 2012 at the latest. With the full entry into force of the EU Prospectus Regulation on July 21, 2019, the EU Prospectus Directive has finally expired (see Article 46 Prospectus Regulation).