Author: | Published: 1 Jul 2005

Germany's implementation of the Directive will simplify the country's securities offering regime, but also brings some extra burdens for issuers. By Walburga Kullmann

The Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (the Prospectus Directive) was implemented into German law on July 1 2005 by the German Prospectus Directive Implementing Act (PDImplA). The Prospectus Directive Implementing Act consists of various chapters, most of which amend existing securities laws (for example, the Stock Exchange Act, the Stock Exchange Admission Regulation and the Selling Prospectus Act). The Selling Prospectus Regulation will be repealed completely. One chapter of the PDImplA will introduce a new act: the Securities Prospectus Act (SPA).

One of the main effects of the PDImplA is that the different regimes for public offers of securities without a listing on a regulated market, on the one hand,...