In August 2008, 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 Q&As were first published in July 2006 and have been updated on a number of occasions.
As well as providing additional clarifications in relation to certain existing questions, the updated publication also includes new Q&As. One new Q&A makes clear that any auditor's opinion on pro forma financial information should contain the exact wording set out in section 7 of Annex II of the Prospectus Regulation and should be unqualified.
View the updated Q&A publication (40 page pdf)