30 Juin 2020
? ? Report?Comparison of liability regimes in Member States in relation to the Prospectus Directive Annex II Comparative table of responses from EEA States Annex III Individual responses from EEA States. ? The report does not cover how the regimes, or sanctions, are applied.The report was compiled in response to a European Commission request of January 2011 for assistance in identifying and monitoring the different regimes in EEA states.The report contains an overview of the different arrangements and frameworks in place in ?EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place EN SAVOIR PLUS >>>
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? This is the first report of its kind and provides a comparison of liability regimes covering the EEA ? comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place.The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus DirectiveBy way of example, in the United Kingdom, the statutory liability regime provides that persons who are responsible for a prospectus will be liable to compensate any investor who suffers loss in respect of the securities to which the prospectus relates as a result of any untrue or misleading statement in the prospectus, or as a result of the omission of any matter required to be included in it.Notably, the report concludes that an investor can seek compensation and the issuer, offeror or person responsible for drawing up the prospectus or seeking admission to trading could be held liable in more than one jurisdiction as well as possibly in accordance with more than one liability regime.The report is based on responses to a questionnaire completed by the competent authorities in each Member State (see a comparative table of those responses and read the individual Member State responses ).However, the diversity in the different jurisdictions could make it difficult for market participants to assess their risks and rights in accordance with the applicable prospectus liability regimes.
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3. The requirements for the prospectus summary were revised but remain highly prescriptive.The publication of a prospectus on the following websites is accepted.Although the Luxembourg Stock Exchange (LuxSE) has made reasonable efforts to ensure that the information is accurate and not misleading, LuxSE does not accept any responsibility or liability of any kind whether for the accuracy, reliability or completeness of the information or for any action refrained or taken or results obtained from the use of the information.The section below lists the underlying EU legal and non-legal texts.In the meantime, they apply to prospectuses drawn up under the new regime to the extent they are compatible with it.Prospectus summaries require to be a maximum of 7 sides of A4-sized paper, when printed, and the content must be accurate, fair, clear and not misleading. An analysis of the prospectus regime.
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On 21 July 2019, the new EU Prospectus Regulation, along with the new Luxembourg Prospectus Act, laying down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, fully entered into force..