Austria is using all the national discretion
available in its implementation of the Directive, creating some
interesting quirks for issuers. By Peter Knobl
The EU Prospectus Directive is being implemented by an
Austrian Act amending the Capital Market Act (CMA), the Stock
Exchange Act, the Investment Fund Act, the Securities
Supervision Act and the Financial Market Authority Act.
The Austrian government has forwarded its bill to
parliament, which is expected to pass the bill around the end
of July 2005. The Act is expected to be published in the
Austrian Official Gazette (Bundesgesetzblatt) in August 2005
and to enter into force on August 10 2005.
Because the Austrian law is not expected to enter into force
until August 10 2005, between July 1 and August 10 issuers,
offerors or applicants will not be able to rely on the law to
obtain the European passport open to approved prospectuses