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
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