The Prospectus Directive seeks to ensure that adequate and equivalent disclosure standards are in place in all Member States when securities are made available for all European investors either through a public offer procedure or because they are admitted to trading on regulated markets. The Directive has introduced a new "single passport for issuers". This means that once approved by the authority in one Member State, a prospectus has to be accepted everywhere else in the EU. It is a centrepiece of the EU’s Financial Services Action Plan.

Since the Commission’s original proposal, IPMA and then ICMA has taken the lead at all levels of the debate to protect and promote the efficiency and smooth functioning of the new issues market in Europe.


Related documents:

8 April 2013                   
ICMA response to consultation on UKLA Primary Market Bulletin No. 5 (PMB5)

13 March 2012
ICMA response to FSA and HM Treasury consultation CP11/28 on the UK implementation of Directive 2010/73/EU amending the EU Prospectus and Transparency Directives

6 January 2012
ICMA response to ESMA further consultation on ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU

15 July 2011
ICMA response to ESMA consultation on ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU

25 February 2011
ICMA response to ESMA call for evidence on the European Commission’s request for technical advice on possible delegated acts concerning the Prospectus Directive

10 March 2009
ICMA response to European Commission consultation on the review of the Prospectus Directive

8 April 2008
ICMA letter to European Commission re: Prospectus Directive

13 November 2007
ICMA Letter to CESR re: PD Q&A's

2 October 2007
ICMA guidance note on 'retail cascades'

29 January 2007
ICMA response to CESR Call for Evidence on the functioning of the Prospectus Directive

21 September 2006
ICMA comments on the European Commission draft regulation regarding complex financial histories

18 May 2006
ICMA Response to Working Document ESC 16 2006

28 November 2005
Determination of home member state for third country issuers with traded securities

28 November 2005
Prospectus directive alert choosing a home member state by December 31, 2005

18 August 2005
Note on UK implementation

27 January 2005
Response to HM Treasury Consultation 2003/71/EC

14 January 2005
IPMA Response to CP04/16

18 October 2004
IPMA Reponse to CESR Consultation on Level 3 of the Prospectus Directive

30 September 2004
FMLC Paper re Issue 89 Choice of Home Member State

27 September 2004
FMLC Note from Lord Browne-Wilkinson

22 April 2004
Prospectus Directive Level 2

15 April 2004
IPMA's Response to CESR's Call for Evidence

15 December 2003
IPMA's Response to the EC Working Document ESC 36/2003

6 November 2003
Response to CESR's Advice on Level 2 Implementing Measures for the Prospectus Directive Consultation Paper dated July 2003

6 November 2003
Annex D of Response to CESR's Advice on Level 2 Implementing MEasures for the Prospectus Directive Consultation Paper dated July 2003

5 November 2003
Urgent Notice for non-EU issuers of Securities

5 November 2003
Press Release re Notice for non-EU issuers of Securities

20 October 2003
Consolidated Version of Prospectus Directive

12 August 2003
Annex F of IPMA's Response to CESR's Advice on Level 2 Implementing Measures for the Proposed Prospectus Directive dated June 2003

12 August 2003
Annex E of IPMA's Response to CESR's Advice on Level 2 Implementing Measures for the Proposed Prospectus Directive dated June 2003

12 August 2003
Annex G of IPMA's Reponse to CESR's Advice on Level 2 Implementing Measures for the Proposed Prospectus Directive dated June 2003

12 August 2003
IPMA's Response to CESR's Advice on Level 2 Implementing Measures for the Proposed Prospectus Directive dated June 2003

17 June 2003
DAI Response to CESR June 2003

16 June 2003
IPMA Response to CESR's Feedback Statements and Draft Technical Advice

28 March 2003
Letter to CESR re Second Call for Evidence

28 March 2003
IPMA Response to CESR's Second Call for Evidence of Feb 7 2003

28 February 2003
IPMA Letter to Issuers Contact Details

28 Febuary 2003
IPMA Letter to Issuers

6 February 2003
IPMA Reponse to the proposed Prospectus Directive 2nd Tranche

10 January 2003
SSDA Response to CESR Consultation on the Proposed Prospectus Directive Level 2

January 2003
DAI and BDi Resposne to CESR Consultation on the Proposed Prospectus Directive