| Author (Corporate) | European Commission: Press and Communication Service |
|---|---|
| Series Title | Press Release |
| Series Details | IP/01/759 (30.5.01) |
| Publication Date | 30/05/2001 |
| Content Type | News |
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On 30 May 2001, the European Commission presented a proposal for a Directive that would introduce a new 'single passport for issuers' so that once a prospectus had been approved by the home country authority of the issuer it would have to be accepted throughout the EU for public offer and/or admission to trading on regulated markets. A prospectus is a disclosure document given to investors by issuers when they want to raise capital and/or when they want their securities admitted to trading. The proposed Directive would make the whole system for prospectuses much simpler and operational and so make it easier and cheaper to raise capital throughout the EU. The initiative is one of the centre pieces of the Financial Services Action Plan, and the drive to create an integrated services market by 2003. It is one of the first two proposals for Directives under the new 'Lamfalussy' format endorsed at the Stockholm European Council distinguishing framework principles from implementing technical details (see also IP/01/758) on market abuse). The Commission intends to adopt technical measures to complement the framework principles established by the Directive after consulting Member States' representatives in a Securities Committee. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/01/759&format=HTML&rapid=0&language=EN&guiLanguage=en |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
