Prospectus Directive Changes on 4 January 2011

This Post sets out a simple list of changes made on 4 January 2011 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 2010/78/EU of the European Parliament and of the Council of 24 November 2010 (Article 5 of which introduced provisions relating to the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council, and which Directive is referred to in this Post as "the ESA Directive"):

Prospectus Directive Article 4 (Exemptions from the obligation to publish a prospectus) has been amended by Article 5(1) of the ESA Directive.

Prospectus Directive Article 5 (The prospectus) has been amended by Article 5(2) of the ESA Directive.

Prospectus Directive Article 7 (Minimum information) has been amended by Article 5(3) of the ESA Directive.

Prospectus Directive Article 8 (Omission of information) has been amended by Article 5(4) of the ESA Directive.

Prospectus Directive Article 13 (Approval of the prospectus) has been amended by Article 5(5) of the ESA Directive.

Prospectus Directive Article 14 (Publication of the prospectus) has been amended by Article 5(6) of the ESA Directive.

Prospectus Directive Article 16 (Supplements to the prospectus) has been amended by Article 5(7) of the ESA Directive.

Prospectus Directive Article 17 (Community scope of approvals of prospectuses) has been amended by Article 5(8) of the ESA Directive.

Prospectus Directive Article 18 (Notification) has been amended by Article 5(9) of the ESA Directive.

Prospectus Directive Article 21 (Powers) has been amended by Article 5(10) of the ESA Directive.

Prospectus Directive Article 22 (Professional secrecy and cooperation between authorities) has been amended by Article 5(11) of the ESA Directive.

Prospectus Directive Article 23 (Precautionary measures) has been replaced by Article 5(12) of the ESA Directive.

Article 13(1) of the ESA Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 31 December 2011.

London: 04/01/2011, 09.05 UK Time