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