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Clifford Chance

Clifford Chance


Fast track to London for Israeli issuers

29 March 2011

On 23 March 2011, the European Securities and Markets Authority (ESMA) published a framework for third country share prospectuses, which sets out how third country issuers can meet the requirements of the Prospectus Directive. The framework allows prospectuses from non-EU countries, drawn up in accordance with third country legislation, to have a ‘wrap’ added, so that the resulting document meets the requirements of the Directive.

At the same time, ESMA announced that it considers that a prospectus drawn up in accordance with Israeli laws and regulations, together with a wrap containing a number of supplementary disclosures, can constitute a valid prospectus under the Prospectus Directive, and that Israeli issuers may use such prospectuses in connection with an application for admission of shares to trading on any EU regulated market.

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