Clifford Chance

The Prospectus Directive and the Transparency Directive - More on Non-EEA Financial Statements

25 January 2012

The new year has brought some greater clarity in relation to non-EEA companies and whether they will be able to rely on their national accounting standards for the purposes of the Prospectus Directive and Transparency Directive. Two new regulations from the European Commission have the effect that for the purposes of the Prospectus Directive and Transparency Directive (1) from 1 January 2012 Chinese, Canadian and Korean GAAP will be considered equivalent to International Financial Reporting Standards, as adopted by the European Union (EU IFRS) and (2) the transitional relief previously granted to Indian GAAP for financial years starting before 1 January 2012 is extended to cover financial years starting before 1 January 2015.

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