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.