direct ec european parliament council novemb prospectu publish secur offer public admit trade amend direct ec text eea relev european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european econom social committe regard opinion european central bank act accord procedur laid articl treati council direct eec march coordin requir draw scrutini distribut list particular publish admiss secur offici stock exchang list eec april coordin requir draw scrutini distribut prospectu publish transfer secur offer public adopt year ago introduc partial complex mutual recognit mechan unabl achiev object singl passport provid direct direct upgrad updat group singl text direct eec integr direct ec european parliament council admiss secur offici stock exchang list inform publish secur codifi direct field list secur reason consist regroup provis direct ec stem direct eec direct eec amend direct ec direct constitut instrument essenti achiev intern market set timet form commiss commun quot risk capit action plan quot quot implement framework financi market action plan quot facilit widest access invest capit commun wide basi includ small medium size enterpris sme start up grant singl passport issuer juli council set committe wise men regul european secur market initi report novemb committe stress lack agre definit public offer secur result oper regard privat placement member state current system discourag firm rais capit commun wide basi real access larg liquid integr financi market final report februari committe wise men propos introduct legisl techniqu base level approach framework principl implement measur cooper enforc level direct confin broad gener quot framework quot principl level technic implement measur adopt commiss assist committe stockholm european council march endors final report committe wise men propos level approach make regulatori process commun secur legisl effici transpar resolut european parliament februari implement financi servic legisl endors committe wise men final report basi solemn declar made parliament dai commiss letter octob address intern market commission chairman parliament committe econom monetari affair regard safeguard european parliament role process stockholm european council level implement measur frequent ensur technic provis date market supervisori develop deadlin set stage level aim direct implement measur ensur investor protect market effici accord high regulatori standard adopt relev intern fora equiti secur issu member state member state region local author public intern bodi member state member european central bank central bank member state cover direct remain unaffect direct abovement issuer secur choos draw prospectu accord direct full coverag equiti equiti secur offer public admit trade regul market defin council direct eec invest servic secur field secur admit offici list stock exchang need ensur investor protect wide definit secur direct includ warrant cover warrant certif valid direct affect definit financi instrument nation legisl purpos taxat secur defin direct entitl holder acquir transfer secur receiv cash amount cash settlement determin refer instrument notabl transfer secur currenc interest rate yield commod indic measur depositari receipt convert note secur convert option investor fall definit equiti secur set direct issuanc secur similar type class case equiti secur issu basi offer programm includ warrant certif form case secur issu continu repeat manner understood cover ident secur secur belong gener term categori secur includ product debt secur certif warrant product programm featur notabl term senior type underli basi determin redempt amount coupon payment grant issuer singl passport valid commun applic countri origin principl requir identif home member state regul issuer purpos direct disclosur requir present direct prevent member state compet author exchang rule book impos requir context admiss trade secur regul market notabl corpor govern requir directli indirectli restrict draw content dissemin prospectu approv compet author object direct protect investor account requir protect categori investor level expertis disclosur provid prospectu requir offer limit qualifi investor contrast resal public public trade admiss trade regul market requir public prospectu issuer offeror person admiss trade regul market secur exempt oblig publish prospectu benefit singl passport compli direct provis full inform secur issuer secur promot rule conduct busi protect investor inform effect mean increas confid secur contribut proper function develop secur market make inform publish prospectu invest secur form invest involv risk safeguard protect interest actual potenti investor requir member state order enabl make inform assess risk invest decis full knowledg fact inform suffici object financi circumst issuer right attach secur provid easili analys comprehens form harmonis inform contain prospectu provid equival investor protect commun level inform kei factor investor protect summari convei essenti characterist risk issuer guarantor secur includ prospectu ensur easi access inform summari written technic languag exce word languag prospectu origin drawn practic adopt intern level order cross border offer equiti made singl set disclosur standard establish intern organis secur commiss iosco iosco disclosur standard upgrad inform market investor time simplifi procedur commun issuer wish rais capit countri direct call tailor disclosur standard adopt type secur issuer fast track procedur issuer admit trade regul market frequent rais capit market requir introduct commun level format prospectus offer programm mortgag bond registr document system issuer choos format draft prospectu singl document content base prospectu account flexibl relat inform provid secur omiss sensit inform includ prospectu allow derog grant compet author circumst order avoid detriment situat issuer clear time limit set valid prospectu order avoid outdat inform investor protect ensur public reliabl inform issuer secur admit trade regul market subject ongo disclosur oblig requir publish updat inform regularli oblig issuer annual list relev inform publish made public preced month includ inform provid report requir laid commun legisl make ensur public consist easili understand inform regular basi avoid excess burden issuer issuer equiti secur high minimum denomin requir meet oblig annual inform provid issuer secur admit trade regul market appropri monitor member state accord oblig provis commun nation law regul secur issuer secur secur market opportun allow issuer incorpor refer document inform disclos prospectu provid document incorpor refer previous file accept compet author facilit procedur draw prospectu lower cost issuer endang investor protect differ effici method time check inform prospectu make difficult undertak rais capit obtain admiss trade regul market member state hinder acquisit investor establish member state secur offer issuer establish member state admit trade member state differ elimin harmonis rule regul order achiev adequ degre equival safeguard requir member state ensur provis inform suffici object actual potenti secur holder facilit circul document make prospectu electron commun facil internet encourag prospectu deliv paper form free charg investor request prospectu file relev compet author made public issuer offeror person admiss trade regul market subject european union provis relat data protect order avoid loophol commun legisl undermin public confid prejudic proper function financi market harmonis advertis matter liabl influenc assess invest aris public prospectu close offer start trade regul market properli evalu investor requir approv dissemin supplement prospectu oblig issuer translat full prospectu relev offici languag discourag cross border offer multipl trade facilit cross border offer prospectu drawn languag customari sphere intern financ host home member state entitl requir summari offici languag compet author host member state entitl receiv certif compet author home member state state prospectu drawn accord direct order ensur purpos direct fulli achiev includ scope secur issu issuer govern law countri varieti compet author member state respons creat unnecessari cost overlap respons provid addit benefit member state singl compet author design approv prospectus assum respons supervis complianc direct strict condit member state allow design compet author assum duti intern cooper author author establish administr author form independ econom actor guarante conflict interest avoid design compet author prospectu approv exclud cooper author entiti view guarante effici scrutini approv prospectus interest issuer investor market particip market alik deleg task relat oblig provid direct implement measur review accord articl year date entri forc direct public internet approv prospectus file prospectus mention articl end year entri forc direct common minimum set power compet author guarante effect supervis flow inform market requir direct ec ensur action breach compet author purpos carri duti cooper compet author member state requir technic guidanc implement measur rule laid direct time time account develop financi market commiss empow adopt implement measur provid modifi essenti element direct provid commiss act accord principl set direct consult european secur committe establish commiss decis ec exercis implement power accord direct commiss respect principl ensur confid financi market small investor small medium size enterpris sme promot high standard transpar financi market provid investor wide rang compet invest opportun level disclosur protect tailor circumst ensur independ regulatori author enforc rule consist fight white collar crime high level transpar consult market particip european parliament council encourag innov financi market dynam effici ensur system stabil financi system close reactiv monitor financi innov import reduc cost increas access capit balanc long term basi cost benefit market particip includ sme small investor implement measur foster intern competit commun financi market prejudic need extens intern cooper achiev level plai field market particip establish commun legisl time respect differ nation financi market unduli imping coher singl market ensur coher commun legisl area imbal inform lack transpar jeopardis oper market harm consum small investor european parliament period month transmiss draft implement measur examin give opinion urgent duli justifi case period shorten period resolut pass european parliament commiss examin draft measur member state lai system sanction breach nation provis adopt pursuant direct measur ensur sanction appli sanction provid effect proport dissuas provis made judici review decis member state compet author respect applic direct accord principl proportion achiev basic object ensur complet singl secur market lai rule singl passport issuer direct order achiev object pursu accord paragraph articl treati assess made commiss applic direct focu process approv prospectus compet author member state gener applic home countri principl problem investor protect market effici result applic commiss examin function articl futur develop direct consider matter decid approv mechan adopt enhanc uniform applic commun legisl prospectus includ establish european secur unit direct respect fundament right observ principl recognis charter fundament right european union measur implement direct adopt accord council decis ec june lai procedur exercis implement power confer commiss adopt direct chapter gener provis articl purpos scope purpos direct harmonis requir draw approv distribut prospectu publish secur offer public admit trade regul market situat oper member state direct appli unit issu collect invest undertak close end type equiti secur issu member state member state region local author public intern bodi member state member european central bank central bank member state share capit central bank member state secur uncondition irrevoc guarante member state member state region local author secur issu associ legal statu profit make bodi recognis member state view obtain mean achiev profit make object equiti secur issu continu repeat manner credit institut provid secur subordin convert exchang ii give subscrib acquir type secur link deriv instrument iii materialis recept repay deposit iv cover deposit guarante scheme direct ec european parliament council deposit guarante scheme fungibl share capit main purpos provid holder occupi apart form immov properti part thereof share sold secur includ offer total consider offer eur limit calcul period month quot bostadsobligation quot issu repeatedli credit institut sweden main purpos grant mortgag loan provid quot bostadsobligation quot issu seri ii quot bostadsobligation quot issu tap issu period iii term condit quot bostadsobligation quot chang issu period iv sum deriv issu quot bostadsobligation quot accord articl associ issuer asset provid suffici coverag liabil deriv secur equiti secur issu continu repeat manner credit institut total consider offer eur limit calcul period month provid secur subordin convert exchang ii give subscrib acquir type secur link deriv instrument notwithstand paragraph issuer offeror person admiss trade regul market entitl draw prospectu accord direct secur offer public admit trade articl definit purpos direct definit appli quot secur quot mean transfer secur defin articl direct eec except monei market instrument defin articl direct eec matur month instrument nation legisl applic quot equiti secur quot mean share transfer secur equival share compani type transfer secur give acquir aforement secur consequ convert right confer exercis provid secur type issu issuer underli share entiti belong group issuer quot equiti secur quot mean secur equiti secur quot offer secur public quot mean commun person form mean present suffici inform term offer secur offer enabl investor decid purchas subscrib secur definit applic place secur financi intermediari quot qualifi investor quot mean legal entiti authoris regul oper financi market includ credit institut invest firm authoris regul financi institut insur compani collect invest scheme manag compani pension fund manag compani commod dealer entiti authoris regul corpor purpos sole invest secur ii nation region govern central bank intern supran institut intern monetari fund european central bank european invest bank similar intern organis iii legal entiti meet criteria set paragraph iv natur person subject mutual recognit member state choos authoris natur person resid member state expressli consid qualifi investor person meet criteria set paragraph sme subject mutual recognit member state choos authoris sme regist offic member state expressli consid qualifi investor quot small medium size enterpris quot mean compani annual consolid account meet criteria averag number employe financi year total balanc sheet exceed eur annual net turnov exceed eur quot credit institut quot mean undertak defin articl direct ec european parliament council march relat take pursuit busi credit institut quot issuer quot mean legal entiti issu propos issu secur quot person make offer quot quot offeror quot mean legal entiti individu offer secur public quot regul market quot mean market defin articl direct eec quot offer programm quot mean plan permit issuanc equiti secur includ warrant form similar type class continu repeat manner issu period quot secur issu continu repeat manner quot mean issu tap separ issu secur similar type class period month quot home member state quot mean commun issuer secur mention ii member state issuer regist offic ii issu equiti secur denomin unit amount eur issu equiti secur give acquir transfer secur receiv cash amount consequ convert right confer exercis provid issuer equiti secur issuer underli secur entiti belong group issuer member state issuer regist offic secur admit trade regul market secur offer public choic issuer offeror person admiss case regim applic equiti secur currenc euro provid minimum denomin equival eur iii issuer secur incorpor countri mention ii member state secur intend offer public time date entri forc direct applic admiss trade regul market made choic issuer offeror person admiss case subject subsequ elect issuer incorpor countri home member state determin choic quot host member state quot mean state offer public made admiss trade sought home member state quot collect invest undertak close end type quot mean unit trust invest compani object collect invest capit provid public oper principl risk spread ii unit holder request repurchas redeem directli indirectli asset undertak quot unit collect invest undertak quot secur issu collect invest undertak repres right particip undertak asset quot approv quot mean posit act outcom scrutini complet prospectu home member state compet author includ consist inform comprehens quot base prospectu quot mean prospectu relev inform articl case supplement issuer secur offer public admit trade choic issuer final term offer purpos paragraph iv criteria investor carri transact signific size secur market averag frequenc quarter previou quarter size investor secur portfolio exce eur million investor work work year financi sector profession posit requir knowledg secur invest purpos paragraph iv appli compet author ensur mechan place regist natur person sme consid qualifi investor take account ensur adequ level data protect regist issuer natur person sme wish consid qualifi investor regist regist investor decid opt moment order account technic develop financi market ensur uniform applic direct commiss accord procedur set articl adopt implement measur definit refer paragraph includ adjust figur definit sme take account commun legisl recommend econom develop disclosur measur relat registr individu qualifi investor articl oblig publish prospectu member state offer secur made public territori prior public prospectu oblig publish prospectu appli type offer offer secur address sole qualifi investor offer secur address fewer natur legal person member state qualifi investor offer secur address investor acquir secur total consider eur investor separ offer offer secur denomin unit amount eur offer secur total consider eur limit calcul period month subsequ resal secur previous subject type offer mention paragraph regard separ offer definit set articl appli purpos decid resal offer secur public placement secur financi intermediari subject public prospectu condit met final placement member state ensur admiss secur trade regul market situat oper territori subject public prospectu articl exempt oblig publish prospectu oblig publish prospectu appli offer secur public type secur share issu substitut share class issu issu share involv increas issu capit secur offer connect takeov mean exchang offer provid document inform regard compet author equival prospectu take account requir commun legisl secur offer allot allot connect merger provid document inform regard compet author equival prospectu take account requir commun legisl share offer allot allot free charg exist sharehold dividend paid form share class share respect dividend paid provid document made inform number natur share reason detail offer secur offer allot allot exist director employe employ secur admit trade regul market affili undertak provid document made inform number natur secur reason detail offer oblig publish prospectu appli admiss trade regul market type secur share repres period month cent number share class admit trade regul market share issu substitut share class admit trade regul market issu share involv increas issu capit secur offer connect takeov mean exchang offer provid document inform regard compet author equival prospectu take account requir commun legisl secur offer allot allot connect merger provid document inform regard compet author equival prospectu take account requir commun legisl share offer allot allot free charg exist sharehold dividend paid form share class share respect dividend paid provid share class share admit trade regul market document made inform number natur share reason detail offer secur offer allot allot exist director employe employ affili undertak provid secur class secur admit trade regul market document made inform number natur secur reason detail offer share result convers exchang secur exercis right confer secur provid share class share admit trade regul market secur admit trade regul market condit secur secur class admit trade regul market month ii secur admit trade regul market date entri forc direct admiss trade regul market approv prospectu made public conform articl iii ii appli secur admit list june list particular approv accord requir direct eec direct ec iv ongo oblig trade regul market fulfil person seek admiss secur trade regul market exempt make summari document public languag accept compet author member state regul market admiss sought vi summari document refer made public member state regul market admiss trade sought manner set articl vii content summari document compli articl document state recent prospectu obtain financi inform publish issuer pursuant ongo disclosur oblig order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur paragraph notabl relat mean equival chapter ii draw prospectu articl prospectu prejudic articl prospectu inform natur issuer secur offer public admit trade regul market enabl investor make inform assess asset liabil financi posit profit loss prospect issuer guarantor right attach secur inform present easili analys comprehens form prospectu inform issuer secur offer public admit trade regul market includ summari summari manner technic languag convei essenti characterist risk issuer guarantor secur languag prospectu origin drawn summari warn read introduct prospectu decis invest secur base consider prospectu investor claim relat inform contain prospectu brought court plaintiff investor nation legisl member state bear cost translat prospectu legal proceed initi civil liabil attach person tabl summari includ translat thereof appli notif summari mislead inaccur inconsist read part prospectu prospectu relat admiss trade regul market equiti secur denomin eur requir provid summari request member state provid articl subject paragraph issuer offeror person admiss trade regul market draw prospectu singl document separ document prospectu compos separ document divid requir inform registr document secur note summari note registr document inform relat issuer secur note inform secur offer public admit trade regul market type secur prospectu choic issuer offeror person admiss trade regul market consist base prospectu relev inform issuer secur offer public admit trade regul market equiti secur includ warrant form issu offer programm equiti secur issu continu repeat manner credit institut sum deriv issu secur nation legisl asset provid suffici coverag liabil deriv secur matur date ii event insolv relat credit institut sum intend prioriti repai capit interest fall due prejudic provis direct ec european parliament council april reorganis wind credit institut inform base prospectu supplement accord articl updat inform issuer secur offer public admit trade regul market final term offer includ base prospectu supplement final term provid investor file compet author public offer made practic advanc begin offer provis articl applic case order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur format prospectu base prospectu supplement articl respons attach prospectu member state ensur respons inform prospectu attach issuer administr manag supervisori bodi offeror person admiss trade regul market guarantor case person respons identifi prospectu name function case legal person name regist offic declar knowledg inform contain prospectu accord fact prospectu make omiss affect import member state ensur law regul administr provis civil liabil appli person respons inform prospectu member state ensur civil liabil attach person sole basi summari includ translat thereof mislead inaccur inconsist read part prospectu articl minimum inform detail implement measur specif inform includ prospectu avoid duplic inform prospectu compos separ document adopt commiss accord procedur refer articl set implement measur adopt juli elabor model prospectus account type inform need investor relat equiti secur compar equiti secur consist approach regard inform requir prospectu secur similar econom rational notabl deriv secur type characterist offer admiss trade regul market equiti secur inform requir prospectu point view investor concern equiti secur denomin unit eur format inform requir prospectus relat equiti secur includ warrant form issu offer programm format inform requir prospectus relat equiti secur secur subordin convert exchang subject subscript acquisit right link deriv instrument issu continu repeat manner entiti authoris regul oper financi market european econom area activ size issuer sme compani inform adapt size shorter track record applic public natur issuer implement measur refer paragraph base standard field financi financi inform set intern secur commiss organis iosco indic annex direct articl omiss inform member state ensur final offer price amount secur offer public includ prospectu criteria condit accord element determin case price maximum price disclos prospectu accept purchas subscript secur withdrawn work dai final offer price amount secur offer public file final offer price amount secur file compet author home member state publish accord arrang provid articl compet author home member state authoris omiss prospectu inform provid direct implement measur refer articl consid disclosur inform contrari public interest disclosur inform detriment issuer provid omiss mislead public regard fact circumst essenti inform assess issuer offeror guarantor right attach secur prospectu relat inform minor import specif offer admiss trade regul market influenc assess financi posit prospect issuer offeror guarantor prejudic adequ inform investor exception inform requir implement measur refer articl includ prospectu inappropri issuer sphere activ legal form issuer secur prospectu relat prospectu inform equival requir inform inform requir appli order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur paragraph articl valid prospectu base prospectu registr document prospectu valid month public offer public admiss trade regul market provid prospectu complet supplement requir pursuant articl case offer programm base prospectu previous file valid period month case equiti secur refer articl prospectu valid secur concern issu continu repeat manner registr document refer articl previous file valid period month provid updat accord articl registr document accompani secur note updat applic accord articl summari note consid constitut valid prospectu articl inform issuer secur admit trade regul market annual provid document refer inform publish made public preced month member state countri complianc oblig commun nation law rule deal regul secur issuer secur secur market issuer refer inform requir pursuant compani law direct direct ec regul ec european parliament council juli applic intern account standard document file compet author home member state public financi statement document refer inform state inform obtain oblig set paragraph appli issuer equiti secur denomin unit amount eur order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur paragraph measur relat method public disclosur requir mention paragraph entail disclosur requir set implement measur adopt juli articl incorpor refer member state inform incorpor prospectu refer previous simultan publish document approv compet author home member state file accord direct pursuant articl titl iv direct ec inform latest issuer summari incorpor inform refer inform incorpor refer cross refer list provid order enabl investor identifi easili specif item inform order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur inform incorpor refer set implement measur adopt juli articl prospectus consist separ document issuer registr document approv compet author requir draw secur note summari note secur offer public admit trade regul market case secur note provid inform provid registr document materi chang recent develop affect investor assess latest updat registr document supplement provid articl approv secur summari note subject separ approv issuer file registr document approv entir document includ updat inform subject approv chapter iii arrang approv public prospectu articl approv prospectu prospectu publish approv compet author home member state compet author notifi issuer offeror person admiss trade regul market case decis approv prospectu work dai submiss draft prospectu compet author fail give decis prospectu time limit laid paragraph paragraph deem constitut approv applic time limit refer paragraph extend work dai public offer involv secur issu issuer secur admit trade regul market previous offer secur public compet author find reason ground document submit incomplet supplementari inform need time limit refer paragraph appli date inform provid issuer offeror person admiss trade regul market case refer paragraph compet author notifi issuer document incomplet work dai submiss applic compet author home member state transfer approv prospectu compet author member state subject agreement author transfer notifi issuer offeror person admiss trade regul market work dai date decis compet author home member state time limit refer paragraph appli date direct affect compet author liabil continu govern sole nation law member state ensur nation provis liabil compet author appli approv prospectus compet author author order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur condit accord time limit adjust articl public prospectu approv prospectu file compet author home member state made public issuer offeror person admiss trade regul market practic case reason time advanc latest begin offer public admiss trade secur involv addit case initi public offer class share admit trade regul market admit trade time prospectu work dai end offer prospectu deem public publish insert newspap circul wide circul member state offer public made admiss trade sought print form made free charg public offic market secur admit trade regist offic issuer offic financi intermediari place sell secur includ pai agent electron form issuer websit applic websit financi intermediari place sell secur includ pai agent electron form websit regul market admiss trade sought electron form websit compet author home member state author decid offer servic home member state requir issuer publish prospectu accord publish prospectu electron form accord addit home member state requir public notic state prospectu made obtain public compet author home member state publish websit period month choic prospectus approv list prospectus approv accord articl includ applic hyperlink prospectu publish websit issuer websit regul market case prospectu compris document incorpor inform refer document inform make prospectu publish circul separ provid document made free charg public accord arrang establish paragraph document constitu document full prospectu obtain text format prospectu supplement prospectu publish made public time ident origin version approv compet author home member state prospectu made public electron form paper copi deliv investor request free charg issuer offeror person admiss trade financi intermediari place sell secur order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur paragraph set implement measur adopt juli articl advertis type advertis relat offer public secur admiss trade regul market observ principl contain paragraph paragraph appli case issuer offeror person appli admiss trade cover oblig draw prospectu advertis state prospectu publish investor obtain advertis recognis inform contain advertis inaccur mislead inform consist inform contain prospectu publish inform requir prospectu prospectu publish case inform offer public admiss trade regul market disclos oral written form advertis purpos consist contain prospectu direct prospectu requir materi inform provid issuer offeror address qualifi investor special categori investor includ inform disclos context meet relat offer secur disclos qualifi investor special categori investor offer exclus address prospectu requir publish inform includ prospectu supplement prospectu accord articl compet author home member state power exercis control complianc advertis activ relat public offer secur admiss trade regul market principl refer paragraph order account technic develop financi market ensur uniform applic direct commiss accord procedur refer articl adopt implement measur dissemin advertis announc intent offer secur public admiss trade regul market prospectu made public open subscript paragraph set implement measur adopt commiss juli articl supplement prospectu signific factor materi mistak inaccuraci relat inform includ prospectu capabl affect assess secur aris note time prospectu approv final close offer public case time trade regul market begin mention supplement prospectu supplement approv maximum work dai publish accord arrang appli origin prospectu publish summari translat thereof supplement account inform includ supplement investor agre purchas subscrib secur supplement publish exercis time limit shorter work dai public supplement withdraw accept chapter iv cross border offer admiss trade articl commun scope approv prospectus prejudic articl offer public admiss trade regul market provid member state member state home member state prospectu approv home member state supplement thereto valid public offer admiss trade number host member state provid compet author host member state notifi accord articl compet author host member state undertak approv administr procedur relat prospectus signific factor materi mistak inaccuraci refer articl aris approv prospectu compet author home member state requir public supplement approv provid articl compet author host member state draw attent compet author home member state inform articl notif compet author home member state request issuer person respons draw prospectu work dai request request submit draft prospectu work dai approv prospectu provid compet author host member state certif approv attest prospectu drawn accord direct copi prospectu applic notif accompani translat summari produc respons issuer person respons draw prospectu procedur supplement prospectu applic provis articl state certif justif chapter languag issuer incorpor countri articl languag offer public made admiss trade regul market sought home member state prospectu drawn languag accept compet author home member state offer public made admiss trade regul market sought member state exclud home member state prospectu drawn languag accept compet author member state languag customari sphere intern financ choic issuer offeror person admiss case compet author host member state requir summari translat offici languag purpos scrutini compet author home member state prospectu drawn languag accept author languag customari sphere intern financ choic issuer offeror person admiss trade case offer public made admiss trade regul market sought member state includ home member state prospectu drawn languag accept compet author home member state made languag accept compet author host member state languag customari sphere intern financ choic issuer offeror person admiss trade case compet author host member state requir summari refer articl translat offici languag admiss trade regul market equiti secur denomin unit amount eur sought member state prospectu drawn languag accept compet author home host member state languag customari sphere intern financ choic issuer offeror person admiss trade case member state choos requir nation legisl summari drawn offici languag articl issuer incorpor countri compet author home member state issuer regist offic countri approv prospectu offer public admiss trade regul market drawn accord legisl countri provid prospectu drawn accord intern standard set intern secur commiss organis includ iosco disclosur standard inform requir includ inform financi natur equival requir direct case offer public admiss trade regul market secur issu issuer incorpor countri member state home member state requir set articl appli order ensur uniform applic direct commiss adopt implement measur accord procedur refer articl state countri ensur equival prospectus drawn countri direct reason nation law practic procedur base intern standard set intern organis includ iosco disclosur standard chapter vi compet author articl power member state design central compet administr author respons carri oblig provid direct ensur provis adopt pursuant direct appli member state requir nation law design administr author appli chapter iii compet author complet independ market particip offer secur made public admiss trade regul market sought member state home member state central compet administr author design member state entitl approv prospectu member state compet author author deleg task deleg public internet approv prospectus file prospectus mention articl deleg task relat oblig provid direct implement measur review accord articl decemb end decemb deleg task entiti author refer paragraph made specif manner state task undertaken condit carri condit includ claus oblig entiti question act organis manner avoid conflict interest inform obtain carri deleg task unfairli prevent competit case final respons supervis complianc direct implement measur approv prospectu lie compet author author design accord paragraph member state inform commiss compet author member state arrang enter regard deleg task includ precis condit regul deleg compet author power perform function compet author receiv applic approv prospectu empow requir issuer offeror person admiss trade regul market includ prospectu supplementari inform investor protect requir issuer offeror person admiss trade regul market person control control provid inform document requir auditor manag issuer offeror person admiss trade regul market financi intermediari commiss carri offer public admiss trade provid inform suspend public offer admiss trade maximum consecut work dai singl occas reason ground suspect provis direct infring prohibit suspend advertis maximum consecut work dai singl occas reason ground believ provis direct infring prohibit public offer find provis direct infring reason ground suspect infring suspend relev regul market suspend trade regul market maximum consecut work dai singl occas reason ground believ provis direct infring prohibit trade regul market find provis direct infring make public fact issuer fail compli oblig nation law compet author relev judici author decid power refer point compet author secur admit trade regul market empow requir issuer disclos materi inform effect assess secur admit trade regul market order ensur investor protect smooth oper market suspend relev regul market suspend secur trade opinion issuer situat trade detriment investor interest ensur issuer secur trade regul market compli oblig provid articl direct ec equival inform provid investor equival treatment grant issuer secur holder posit member state offer public made secur admit trade carri site inspect territori accord nation law order verifi complianc provis direct implement measur nation law compet author author power appli relev judici author cooper author paragraph prejudic possibl member state make separ legal administr arrang oversea european territori extern relat member state respons articl profession secreci cooper author oblig profession secreci appli person work work compet author entiti compet author deleg task inform cover profession secreci disclos person author accord provis laid law compet author member state cooper purpos carri duti make power compet author render assist compet author member state exchang inform cooper issuer home compet author class secur approv prospectu transfer compet author member state pursuant articl close cooper requir suspens prohibit trade secur trade member state order ensur level plai field trade venu protect investor compet author host member state request assist compet author home member state stage case scrutinis type rare form secur compet author home member state inform compet author host member state item specif relev market prejudic articl compet author member state consult oper regul market decid suspend regul market suspend prohibit trade paragraph prevent compet author exchang confidenti inform inform exchang cover oblig profession secreci person emploi emploi compet author receiv inform subject articl precautionari measur compet author host member state find irregular commit issuer financi institut charg public offer breach commit oblig attach issuer reason fact secur admit trade regul market refer find compet author home member state measur compet author home member state measur prove inadequ issuer financi institut charg public offer persist breach relev legal regulatori provis compet author host member state inform compet author home member state measur order protect investor commiss inform measur earliest opportun chapter vii implement measur articl committe procedur commiss assist european secur committe institut decis ec hereinaft refer quot committe quot refer made paragraph articl decis ec appli regard provis articl thereof provid implement measur adopt accord procedur modifi essenti provis direct period laid articl decis ec set month committe adopt rule procedur prejudic implement measur adopt expiri year period entri forc direct applic provis provid adopt technic rule decis accord procedur refer paragraph suspend propos commiss european parliament council renew provis concern accord procedur laid articl treati end review prior expiri year period articl sanction prejudic member state impos crimin sanction prejudic civil liabil regim member state ensur conform nation law administr measur administr sanction impos person respons provis adopt implement direct compli member state ensur measur effect proportion dissuas member state provid compet author disclos public measur sanction impos infring provis adopt pursuant direct disclosur jeopardis financi market disproportion damag parti involv articl appeal member state ensur decis pursuant law regul administr provis adopt accord direct subject appeal court chapter viii transit final provis articl amend effect date set articl direct ec amend articl ii delet articl subparagraph delet articl word quot condit establish control circul list particular publish admiss quot delet annex delet articl repeal effect date articl direct eec repeal refer repeal direct constru refer direct articl transposit member state bring forc law regul administr provis compli direct juli forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state articl transit provis issuer incorpor countri secur admit trade regul market choos compet author accord articl iii notifi decis compet author chosen home member state decemb derog articl member state exempt articl direct eec continu credit institut financi institut equival credit institut cover articl direct offer debt secur transfer secur equival debt secur issu continu repeat manner territori year date entri forc direct derog articl feder republ germani compli articl decemb articl review year date entri forc direct commiss make assess applic direct present report european parliament council accompani propos review articl entri forc direct enter forc dai public offici journal european union articl addresse direct address member state brussel novemb european parliament presid cox council presid alemanno oj oj oj oj opinion european parliament march oj council common posit march oj posit european parliament juli publish offici journal decis council juli oj direct amend direct european parliament council ec oj oj oj oj direct amend direct ec european parliament council oj intern disclosur standard cross border offer initi list foreign issuer part intern organis secur commiss septemb oj oj oj oj direct amend direct ec oj oj oj annex prospectu summari summari provid page import inform includ prospectu cover item ident director senior manag advis auditor offer statist expect timet kei inform select financi data capitalis indebted reason offer proce risk factor inform issuer histori develop issuer busi overview oper financi review prospect research develop patent licenc trend director senior manag employe major sharehold relat parti transact financi inform consolid statement financi inform signific detail offer admiss trade offer admiss trade plan distribut market sell sharehold dilut equiti secur expens issu addit inform share capit memorandum articl associ document displai ii ident director senior manag advis auditor purpos identifi compani repres individu involv compani offer admiss trade person respons draw prospectu requir articl direct respons audit financi statement iii offer statist expect timet purpos provid kei inform conduct offer identif import date relat offer offer statist method expect timet iv kei inform purpos summaris kei inform compani financi condit capitalis risk factor financi statement includ document restat reflect materi compani group structur account polici select financi data restat select financi data capitalis indebted reason offer proce risk factor inform compani purpos provid inform compani busi oper product make servic factor affect busi intend provid inform adequaci suitabl compani properti plant equip plan futur capac increas decreas histori develop compani busi overview organis structur properti plant equip vi oper financi review prospect purpos provid manag explan factor affect compani financi condit result oper histor period cover financi statement manag assess factor trend expect materi effect compani financi condit result oper futur period oper result liquid capit resourc research develop patent licenc trend vii director senior manag employe purpos provid inform compani director manag investor assess experi qualif level remuner relationship compani director senior manag remuner board practic employe share ownership viii major sharehold relat parti transact purpos provid inform major sharehold control influenc compani inform transact compani enter person affili compani term transact fair compani major sharehold relat parti transact interest expert advis ix financi inform purpos financi statement includ document period cover ag financi statement inform financi natur account audit principl accept prepar audit financi statement determin accord intern account audit standard consolid statement financi inform signific detail offer admiss trade detail purpos provid inform offer admiss trade secur plan distribut secur relat matter offer admiss trade plan distribut market holder secur sell dilut equiti secur expens issu xi addit inform purpos provid inform statutori natur cover prospectu share capit memorandum articl associ materi contract exchang control taxat dividend pai agent statement expert document displai subsidiari inform annex ii registr document ident director senior manag advis auditor purpos identifi compani repres individu involv compani offer admiss trade person respons draw prospectu respons audit financi statement ii kei inform issuer purpos summaris kei inform compani financi condit capitalis risk factor financi statement includ document restat reflect materi compani group structur account polici select financi data restat select financi data capitalis indebted risk factor iii inform compani purpos provid inform compani busi oper product make servic factor affect busi intend provid inform adequaci suitabl compani properti plant equip plan futur capac increas decreas histori develop compani busi overview organis structur properti plant equip iv oper financi review prospect purpos provid manag explan factor affect compani financi condit result oper histor period cover financi statement manag assess factor trend expect materi effect compani financi condit result oper futur period oper result liquid capit resourc research develop patent licenc trend director senior manag employe purpos provid inform compani director manag investor assess experi qualif level remuner relationship compani director senior manag remuner board practic employe share ownership vi major sharehold relat parti transact purpos provid inform major sharehold control influenc compani inform transact compani enter person affili compani term transact fair compani major sharehold relat parti transact interest expert advis vii financi inform purpos financi statement includ document period cover ag financi statement inform financi natur account audit principl accept prepar audit financi statement determin accord intern account audit standard consolid statement financi inform signific viii addit inform purpos provid inform statutori natur cover prospectu share capit memorandum articl associ materi contract statement expert document displai subsidiari inform annex iii secur note ident director senior manag advis auditor purpos identifi compani repres individu involv compani offer admiss trade person respons draw prospectu respons audit financi statement ii offer statist expect timet purpos provid kei inform conduct offer identif import date relat offer offer statist method expect timet iii kei inform issuer purpos summaris kei inform compani financi condit capitalis risk factor financi statement includ document restat reflect materi compani group structur account polici select financi data restat capitalis indebted reason offer proce risk factor iv interest expert purpos provid inform transact compani enter expert advis emploi conting basi detail offer admiss trade purpos provid inform offer admiss trade secur plan distribut secur relat matter offer admiss trade plan distribut market sell secur holder dilut equiti secur expens issu vi addit inform purpos provid inform statutori natur cover prospectu exchang control taxat dividend pai agent statement expert document displai annex iv summari note summari note provid page import inform includ prospectu cover item ident director senior manag advis auditor offer statist expect timet kei inform select financi data capitalis indebted reason offer proce risk factor inform issuer histori develop issuer busi overview oper financi review prospect research develop patent licenc trend director senior manag employe major sharehold relat parti transact financi inform consolid statement financi inform signific detail offer admiss trade offer admiss trade plan distribut market sell sharehold dilut equiti secur expens issu addit inform share capit memorandum articl incorpor document inspect