International Law

European Securities and Markets Authority Publishes Data on Approved and Passported Prospectuses

The European Securities and Markets Authority has published data on the amount of approved, sent and received prospectuses throughout the EU between 1 Jul 10-31st Dec 10.

The last data (CESR/07-225) collected was between the period 1st July 05-30 June 06. However, to draw some analysis the data can be broken up in to the same time period as the new data.

The data shows a notable decrease in the amount of approved and passported prospectuses despite Bulgaria and Romania being included in the latest study. This is due to them not being members of CSER until 1st Jan 2007. Data was not fully available for the earlier study either so the decrease may be even higher than the figures show.

The causes attributable to the decrease can be speculated about. The financial crisis and economic uncertainty may attribute to the decline. This may also be caused by the 'mutual recognition regime' in place prior to 1st July 05 which saw an increase in passports notified from comparable data from 2004.

Countries like the UK, Ireland and Luxembourg, who contributed significantly to the total amount of approved prospectuses throughout the EU, have seen significant decreases in approved prospectuses. Countries like Germany and Italy however have seen themselves move closer to the former countries in terms of approved prospectuses. Germany did however also suffer a decrease but Italy showed a notable increase from 88 prospectuses in 2005 to 332 in 2010. 

Total number of prospectuses approved:

UK: 2005 = 845; 2010 = 509

Luxembourg: 2005 = 493; 2010 = 314 

Ireland: 2005 = 788; 2010 = 241

Germany: 2005 = 301; 2010 = 291 

Total across EU: 2005 = 3328; 2010 = 2511

For more commentary on directors' duties and shareholder litigation, visit Gibbs: Law and Life, a blog centering on directors' duties and company law, particularly on interpretation and practicality of directors' duties in the 21st Century.

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