Sunday, January 02, 2011

Prospectus Directive Changes on 31 December 2010: Update 2011 01 02

This Post sets out an update (containing the headings of the Articles which have been affected) to the list of changes made on 31 December 2010 to the Prospectus Directive (Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC) by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 ("the 2010 Directive"):

Prospectus Directive Article 1 (Purpose and scope) has been amended by Article 1(1) of the 2010 Directive.

Prospectus Directive Article 2 (Definitions) has been amended by Article 1(2) of the 2010 Directive.

Prospectus Directive Article 3 (Obligation to publish a prospectus) has been amended by Article 1(3) of the 2010 Directive.

Prospectus Directive Article 4 (Exemptions from the obligation to publish a prospectus) has been amended by Article 1(4) of the 2010 Directive.

Prospectus Directive Article 5 (The prospectus) has been amended by Article 1(5) of the 2010 Directive.

Prospectus Directive Article 6 (Responsibility attaching to the prospectus) has been amended by Article 1(6) of the 2010 Directive.

Prospectus Directive Article 7 (Minimum information) has been amended by Article 1(7) of the 2010 Directive.

Prospectus Directive Article 8 (Omission of information) has been amended by Article 1(8) of the 2010 Directive.


Prospectus Directive Article 9 (Validity of a prospectus, base prospectus and registration document) has been amended by Article 1(9) of the 2010 Directive.

Prospectus Directive Article 10 (Information) has been deleted by Article 1(10) of the 2010 Directive.

Prospectus Directive Article 11 (Incorporation by reference) has been amended by Article 1(11) of the 2010 Directive.

Prospectus Directive Article 12 (Prospectuses consisting of separate documents) has been amended by Article 1(12) of the 2010 Directive.

Prospectus Directive Article 13 (Approval of the prospectus) has been amended by Article 1(13) of the 2010 Directive.

Prospectus Directive Article 14 (Publication of the prospectus) has been amended by Article 1(14) of the 2010 Directive. 


Prospectus Directive Article 15 (Advertisements) has been amended by Article 1(15) of the 2010 Directive.

Prospectus Directive Article 16 (Supplements to the prospectus) has been amended by Article 1(16) of the 2010 Directive.

Prospectus Directive Article 18 (Notification) has been amended by Article 1(17) of the 2010 Directive.

Prospectus Directive Article 19 (Use of languages) has been amended by Article 1(18) of the 2010 Directive. 


Prospectus Directive Article 20 (Issuers incorporated in third countries) has been amended by Article 1(19) of the 2010 Directive.

Prospectus Directive Article 21 (Powers) has been amended by Article 1(20) of the 2010 Directive. 


Prospectus Directive Article 24a (Exercise of the delegation) has been added by Article 1(21) of the 2010 Directive. 

Prospectus Directive Article 24b (Revocation of the delegation) has been added by Article 1(21) of the 2010 Directive.

Prospectus Directive Article 24c (Objections to delegated acts) has been added by Article 1(21) of the 2010 Directive. 


Article 3(1) of the 2010 Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 1 July 2012.

London: 02/01/2011, 11.00 UK Time

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