Cover -- Half-title -- Series-title -- Title -- Copyright -- Contents -- Contributors -- Preface -- Part II: Application in the EU Member States -- 1 Austria -- I Introduction -- II Competent authority -- III Procedure of prior approval and appeal -- 1 Offer of securities to the public -- A Procedure -- B Exemptions -- C Appeal -- 2 Admission to trading on a regulated market -- IV Content and format language and supplements of the prospectus -- 1 Content -- 2 Summary -- 3 Format -- 4 Supplements -- 5 Language -- V Publication and advertisements -- 1 Method of publication -- 2 Advertisements -- VI Use of prospectus approved in other (nonEU and nonEEA) countries -- VII Sanctions -- VIII Prospectus liability -- IX Rules applicable to transactions and securities not subject to the Prospectus Directive and Regulation -- X Conclusion -- Notes -- 2 Bulgaria -- I Introduction -- II The Commission -- III General principles -- 1 Exemptions -- IV The prospectus -- 1 Contents of the prospectus -- 2 Base prospectus -- 3 Prospectuses consisting of separate documents -- 4 Omission of information -- 5 Updates amendments and supplements -- 6 Language -- 7 Liability -- V Approval of the prospectus -- 1 Competency -- 2 Application -- 3 Examination -- 4 Refusal -- 5 Validity -- 6 Offer or admission to trading in more Member States -- VI Publication -- VII Powers of the Commission -- VIII Disclosure of information -- 1 General -- 2 Language -- 3 Supervision requirements -- IX Competence of the Commission -- X Judicial control -- Notes -- 3 Cyprus -- I Introduction -- II Competent authority -- III Prior approval and appeal procedures -- 1 Offering of securities to the public -- A Procedure -- B Exemptions -- 2 Admission to trading on a regulated market -- A Procedure -- B Exemptions -- IV Content and format language and supplements of the prospectus -- 1 Content.

2 Format -- 3 Supplements -- 4 Language -- V Publication and advertisements -- 1 Method of publication -- 2 Advertisements -- VI Use of a prospectus approved in other (nonEU and nonEEA) countries -- VII Sanctions -- VIII Prospectus liability -- IX Rules applicable to transactions and securities not subject to the Directive and Regulation -- X Conclusion -- Notes -- 4 Finland -- I Introduction -- II Application -- III Scope -- IV Obligation to prepare and publish a prospectus and exemptions -- 1 Obligation to prepare a prospectus -- 2 Exemptions -- V Prior approval of the competent authority -- 1 Competent authority -- 2 Approval procedure -- VI Content format and language of the prospectus and related documents -- 1 Content and incorporation by reference permissible omission of information -- A Inclusion of all necessary information -- B Schedules and building blocks -- C Financial information presented in accordance with IFRS -- D Summary -- E Permitted omissions -- F Incorporation by reference -- 2 Language -- 3 Term of validity -- VII Publication and advertisements -- VIII Supplements and new information -- IX Annual information -- X Crossborder offerings and admissions to trading -- XI Issuers incorporated outside the European Economic Area -- XII Special powers of the competent authorities and sanctions -- XIII Prospectus liability -- XIV Conclusion -- Notes -- 5 France -- I Introduction -- 1 Legal framework and legislative history -- 2 Definitions -- A Securities -- B Offer of securities to the public or admission to trading on a regulated market -- II Competent authority -- III Procedure of prior approval and appeal -- 1 Offer of securities to the public and admission to trading on a regulated market -- 2 Exemptions regulation -- A Transactions that do not constitute a public offer private placements.

(i) Offers above or below certain thresholds -- (ii) Offers restricted to portfolio managers (gestionnaire de portefeuille) -- (iii) Offers restricted to qualified investors -- (iv) Offers restricted to a limited circle of investors -- B Transactions that do not constitute a public offer the quality of the guarantor or the issuer -- C Transactions that constitute a public offer but exempted from the obligation to publish a prospectus -- 3 No individual exemptions -- 4 Procedure -- IV Content and format language and supplements of the prospectus -- 1 Content -- 2 Format -- 3 Supplements -- 4 Language -- V Publication and advertisements -- 1 Method of publication -- 2 Advertisements relating to an offer of securities to the public -- VI Sanctions -- 1 Right of the AMF to suspend and prohibit a transaction -- 2 Right of the AMF to control prospectuses approved by a foreign supervisory authority when irregularities were committed… -- VII Prospectus liability -- VIII Conclusion -- Notes -- 6 Germany -- I Introduction -- II Competent authority -- III Prior approval and appeal procedures -- 1 Procedure -- 2 Exemptions -- IV Content and format supplements and language of the prospectus -- 1 Content -- 2 Format -- 3 Supplements -- 4 Language -- V Publication and advertisements -- 1 Method of publication -- 2 Advertisements -- VI Use of a prospectus approved in other (nonEU and nonEEA) countries -- VII Sanctions -- VIII Prospectus liability -- IX Rules applicable to transactions and securities not subject to the Directive and Regulation -- X Conclusion -- Notes -- 7 Ireland -- I Introduction -- II The competent authority -- III Prior approval procedure and appeal -- 1 Approval -- 2 Meaning of offer to the public -- 3 Obligation to publish a prospectus -- 4 Exemptions from the prospectus requirement -- IV Content responsibility language and supplements.

1 General content requirements -- 2 Responsibility -- 3 Format -- 4 Detailed requirements -- 5 Prospectus supplements -- 6 Language -- V Publication and advertisements -- 1 Publication method -- 2 Advertisements -- VI Use of prospectuses approved in (nonEU and nonEEA) countries -- VII Sanctions -- VIII Prospectus liability -- IX Listing rules -- X Private companies -- 8 Italy -- I Introduction -- II Main provisions of the Prospectus Directive and the Prospectus Regulation implemented within the Italian legal system… -- 1 The EU passport -- 2 Annual update document -- 3 Incorporation of information by reference -- 4 Form of prospectuses -- III The Implementation Decree in brief -- IV The regulatory framework in Italy -- V Range of application -- 1 New definitions of EC financial instruments public offering of financial products home Member State and host Member State -- VI Exemptions from the obligation to publish a prospectus -- VII Approval of the prospectus by the competent authority and the related drafting procedures -- 1 Prohibition on publishing a prospectus without the prior authorisation of Consob -- 2 Right of Consob to transfer the approval of the prospectus to another competent authority of an EU state -- 3 Procedure for the approval of the prospectus -- 4 Prospectus composed of several documents -- VIII Contents of the prospectus and language -- 1 Contents of the prospectus -- 2 Language -- IX Revocation of subscriptions -- X Advertisements -- XI Prospectus liability -- XII Financial statements of the issuer -- 1 Offence of falsification of the prospectus -- Notes -- 9 Malta -- I A dual approach the Companies Act and the Listing Rules -- 1 The Companies Act -- 2 The Listing Rules -- II The central competent administrative authority -- III Definition of a public offer -- 1 Definition -- 2 Exemptions -- 3 Further exemptions.

4 Collective investment schemes -- IV Approval of a prospectus -- 1 Principle -- 2 Exception to the home country principle -- V Single European passport -- VI The prospectus -- 1 Content -- 2 Format -- 3 Supplements -- 4 Language -- VII Publication -- VIII Advertisements -- 1 General -- 2 Investment Services Act -- IX Appeal -- X Prospectus liability -- XI NonEU and nonEEA issuers and the use of prospectuses approved in nonEU and nonEEA countries -- XII Sanctions -- XIII Conclusion -- Notes -- 10 Romania -- I Introduction -- II Competent authority -- III Prior approval and appeal procedures -- 1 Offering of securities to the public -- A Procedure -- B Exemptions -- 2 Admission to trading on a regulated market -- A Procedure -- B Exemptions -- IV Content and format language and supplements of the prospectus -- 1 Content -- 2 Format -- 3 Supplements -- 4 Language -- V Publication and advertisements -- 1 Method of publication -- 2 Advertisements -- VI Use of a prospectus approved in other (nonEU and nonEEA) countries -- VII Measures and sanctions -- VIII Prospectus liability -- IX Rules applicable to transactions and securities not subject to the Directive and Regulation -- X Conclusion -- Notes -- 11 Republic of Slovenia -- I Introduction -- 1 The legal framework -- 2 Some general features -- II Competent authority -- III Procedure of prior approval and appeal -- 1 Procedure of prior approval -- 2 Right of appeal -- IV Content language and supplements of the prospectus -- 1 Content -- 2 Format -- 3 Supplements of the prospectus -- 4 Language -- V Publication and advertisements -- 1 Method of publication -- 2 Advertisements -- VI Use of prospectus approved in other (nonEU and nonEEA) countries -- VII Sanctions -- VIII Prospectus liability.

IX Rules applicable to transactions and securities not subject to the Prospectus Directive and Prospectus Regulation.