Author: | Published: 1 Jul 2005

Lawmakers in Luxembourg have chosen to transpose the Prospectus Directive faithfully into local law, explain Henri Wagner and Nicolas Steichen

Luxembourg will implement the Prospectus Directive entirely through primary legislation and the bill to do so is a transposition of the Prospectus Directive with few modifications. The bill, which at the time of writing was expected to become law on July 5, does not cover the European Commission's Prospectus Regulation. The Regulation sets out the implementing measures for the Prospectus Directive and is by its nature directly applicable. So, after the adoption of the bill it is now necessary to refer both to the Luxembourg law and the Prospectus Regulation to get a complete picture of the requirements under the new regime.

The competent authority in Luxembourg will be the Commission de Surveillance du secteur Financier (CSSF). Before July 5 2005, the Luxembourg Stock Exchange (LxSE) approved prospectuses as...