Prospectus Directive

HC Deb 16 January 2002 vol 378 c311W

Mr. Bercow

To ask the Chancellor of the Exchequer what changes he proposes to the draft European Union Prospectus Directive. [27487]

Ruth Kelly

The most important areas where we are proposing changes can be listed as follows:

• More appropriate definitions of "home state", "qualified investor", and "public offer";
• Clarification of the scope for private and institutional placements under the directive;
• Voluntary shelf registration and annual updating;
• More appropriate disclosure requirements for professional products, SME issued securities, and third country based issuers;
• An expanded list of exemptions; and
• A more effective passport for pan-European issuers.