The Netherlands had to implement emergency
legislation to avoid missing the July 1 implementation date.
Erwin Schreuder and Ella van Kranenburg explain what this means
The implementation of the Prospectus Directive (PD) in The
Netherlands was initially planned to form part of the new
omnibus Financial Supervision Act, which would consolidate in a
single act most Dutch financial regulatory laws. Once this
project began suffering delays, it was feared that the July 1
2005 deadline for PD implementation might be missed.
Consequently, the Dutch Ministry of Finance decided to effect
implementation by submitting an emergency bill to amend the
general Securities Markets Supervision Act 1995 (SMSA). The
Netherlands met the July 1 2005 deadline after the cabinet put
intense pressure on parliament.
On enactment of the bill, offerings of securities that are
not PD-compliant securities would in principle still be subject
to the SMSA's existing prospectus requirement,...