The Securities Law Directive

9 November 2010

The European Commission has issued, for consultation, a set of “Principles” which set out its vision for the longawaited Securities Law Directive: see http://ec.europa.eu/internal_market/consultations/docs/2010/securities/consultation_paper_en.pdf. Although framed as “principles”, their substantive contents have the appearance of draft legal text in many cases, and the purpose of the consultation document is to obtain feedback on a potentially controversial draft directive before a formal Proposal for a Directive is launched into the EU legislative process.

In this briefing, we comment on some of the most important “principles”. Where we refer to the “SLD”, we are expecting that the principles will be translated into articles of the expected Securities Law Directive.

 

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