Author: | Published: 1 Jul 2005

Belgium missed the July 1 implementation and securities issuers will have to deal with ad hoc regulation in the interim. By Bert Verdoodt

The Belgian Prospectus Directive implementation process is moving slower than initially expected and the July 1 2005 deadline for implementation has not been met. A first draft implementing law has been finalized and is now the object of expert consultation. It is uncertain when the draft will be presented to, and approved by, parliament.

Uncertainty avoided during interim period

Failure to comply with the deadline could have meant that issuers would face legal uncertainty during the interim period from July 1 2005 until implementation of the Directive. Although there will still be questions during the interim period on some points, uncertainty will be limited because:

firstly, the existing Belgian securities law framework is already...