Skip to main content

Clifford Chance

Clifford Chance


Prospectus and Transparency Directives: Countries start to implement changes

29 July 2011

EEA member states have until 1 July 2012 to implement Directive 2010/73/EU (the Directive amending the Prospectus and Transparency Directives), but some member states are choosing to implement certain provisions in advance of the deadline. Some of the changes take immediate effect. So far, there is no uniformity on either the selected changes or the effective dates. Accordingly, over the next few months, careful assessment will be necessary, country by country, when preparing prospectuses, planning cross-border offers of securities or undertaking passporting. This briefing marks the first of a series to monitor implementation.

Download PDF