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Implementation of Prospectus Directive

In the June 2005 edition of IFLR, the bill implementing Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading was discussed.

The Luxembourg Parliament adopted this bill and the law of July 10 2005 on prospectuses for securities entered into force on July 16. The provisions of the law do not deviate significantly from the bill.

In the context of the implementation of the July 10 law, the Luxembourg stock exchange has also revised its internal rules and regulations. The most significant changes brought to the internal rules and regulations of the Luxembourg exchange aim to integrate the provisions set out by the annexes of the grand ducal regulation of December 28 1990, which was formally repealed by the law of July 10 2005. Those provisions now apply among other things to the drawing up of prospectuses for listings by certain sovereign and supranational issuers on the regulated market and for listings on the new alternative market established by the Luxembourg stock exchange, the EuroMTF.

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