Analysis of Responses to FEE Discussion Paper on the Auditor’s Involvement with the New EU Prospectus Directive

The Prospectus Directive, which came into force on 1 July 2005, intends to simplify the raising of capital in Europe. The Directive requires the involvement of the auditor in historical, prospective and pro forma information. FEE’s publication highlights issues which, if left unattended, could undermine the benefits for investors and other market participants of the ‘single passport’ for issuers. The analysis provides guidance on the implementation of the single European passport and the related role of the auditor. The publication analyses responses to FEE’s November 2004 Discussion Paper on the Auditor’s Involvement with the EU Prospectus Directive.

FEE Position Paper