Issuing institutions in America and Japan may use American and Japanese GAAP for reporting financial information that they must include in a prospectus pursuant to the Prospectus Directive and for their financial reporting pursuant to the Transparency Directive.

Until 31 December 2011, Canadian, Chinese, Indian and South Korean GAAP can be used as well.

This is set out in a regulation and a decision published by the European Commission2. The regulation amends the Prospectus Directive and is applicable as from 1 January.