In September 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. The new areas covered by the updated publication include:

  • The incorporation by reference, into a prospectus written in one language, of information published in a different language or translated from a different language.
  • The incorporation by reference, into a prospectus, of valid information contained in a previous prospectus which itself is no longer valid.
  • The requirement to mention a right of withdrawal and the period during which such right may be exercised in a supplementary prospectus.
  • The practical application of the exemption (under Article 4.2(a) of the Prospectus Directive (Directive 2003/71/EC)) from the requirement to publish a prospectus where shares representing, over a period of 12 months, less than 10% of the number of shares of the same class already admitted to trading on the same market are admitted to trading.
  • The use of the term "prospectus" by issuers to refer to documents that do not satisfy the requirements set out in the Prospectus Directive.
  • Various matters relating to pro forma financial information in prospectuses.

Thefull text of the document can be viewed here.