In December 2007, the Committee of European Securities Regulators (CESR) published an updated version of its Q&A publication "Frequently asked questions regarding Prospectuses: Common positions agreed by CESR members". The CESR FAQs were first published in July 2006 and were previously updated in February 2007 and September 2007. The new areas covered by the updated publication include:

  • Comparative historical financial information to be included in a prospectus following a change in accounting policy.
  • Pro forma financial information to be provided in situations where several transactions have taken place.
  • Assessing the significance of transactions where an issuer has already published pro forma financial information in a previous prospectus.
  • Disclosure of price information in a prospectus where the final offer price and amount of securities which will be offered cannot be included in the prospectus.
  • Disclosure of major holdings by third country issuers.
    Interpretation of "indirect indebtedness" and "contingent indebtedness".

The full text of the document can be viewedhere