Prospectus supervision For Issuers of securities

The Prospectus Directive (2003/71/EC) was published in the Official Journal of the European Union (L345/64, 31.12.2003) on 31 December 2003, on which date it became effective. The Prospectus Directive was implemented in the national legislation on 1 July 2005. The Prospectus Directive is accompanied by the Commission Regulation (No. 809/2004). The Prospectus Directive sets the overarching content requirements, but the details are being set within the Commission Regulation.

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