Author: | Published: 1 Jul 2005

Slovakia missed the July 1 implementation deadline but sluggish local markets mean the Directive may not have a meaningful impact anyway. By Peter Viglasky

The implementation in Slovakia of the EU Prospectus Directive 2003/71/ES has begun, inauspiciously, with a delay. In April 2005 the Slovak government approved the legislative initiative proposing an amendment to the Slovak Act 566/2001, the Securities Act, to harmonize the Act with the Directive. The amendment was discussed in the relevant parliamentary committees on June 15 and 17 2005 and parliamentary debate of the amendment is expected in July 2005. The amendment, after passage through parliament, must be signed by the president to become effective. It is, therefore, the case that Slovak legislation is not compliant with the Directive by July 1.