New Amendments to the E.U. Prospectus Directive and Related Amendments to Dutch Law
February 16, 2011 in World Securities Law Report
By Petra Zijp, Anne Hakvoort, and Anna Zwalve, of NautaDutilh NV, Amsterdam.
On December 11, 2010, the directive amending the E.U. Prospectus Directive was published in the Official Journal of the European Union. This directive came into force on the 20th day after the day of publication, that is, on December 31, 2010. E.U. Member States will have 18 months, until July 1, 2012, to implement the directive.
The directive contains the first amendments to the Prospectus Directive since it came into force in 2005.
In this article, we discuss the most significant changes to the regime of the Prospectus Directive as laid down in the directive.
Introduction
A first proposal for the amendments to the Prospectus Directive was published by the European Commission on September 23, 2009 (see WSLR, October 2009, page 19). Acting in accordance with the ordinary legislative procedure and having regard to the opinions of the European Economic and Social Committee and of the European Central Bank, the Council adopted the directive Amending the Prospectus Directive (the “Amending Directive”) on October 11, 2010 (see WSLR, December 2010, page 3). The Amending Directive was published on December 11, 2010…