Author: | Published: 1 Jul 2005

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 that...