Implementation of the Prospectus Directive Amending Directive in Luxembourg
In a context of enhancing the competitiveness of companies in the EU and reducing administrative burdens without compromising the protection of investors and the proper functioning of the securities markets, the PD Amending Directive amending the Prospectus Directive No 2003/71/EC and the Transparency Directive No 2004/109/EC came into force in December 2010 and had to be implemented by Member States into national law by 1 July 2012.
The directive No 2010/73/EU (the "PD Amending Directive") has now been implemented in Luxembourg by a law dated 3 July 2012 (the "Law") with effect of 1 July 2012. The Law was published yesterday in the Luxembourg official gazette (Mémorial.
This alert provides you with a short overview of the main changes and new requirements that will be relevant for issuers making an application to have or having securities (debt and equity securities) admitted to trading on an EEA regulated market and issuers offering securities to the public and highlights certain changes and new requirements because of the coming into force on 1 July 2012 of certain directly applicable European Union legislation detailed herebelow.
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