From 1 July 2005 the Prospectus Directive becomes effective. Market participants (underwriters, issuers and their auditors) need to prepare for the new rules and understanding of each participant’s role and responsibility needs to be updated. The comfort letter is a crucial instrument in this process. Given the change from national rules to European-wide rules in respect of prospectuses, existing national variations in current practice should be eliminated where not linked to national legal issues.
Comments on the discussion paper and responses to the questions raised in this discussion paper are sought by 31 August 2005. A Briefing Note providing an overview of the key issues has also been published – it is available in electronic format only.
Related link: FEE Discussion Paper and Briefing Note