Skip to main content

Clifford Chance

Clifford Chance

Briefings

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.

Download PDF