In December 2008, the Committee of European Securities Regulators (CESR) published the 7th updated version of its Q&A publication "Frequently asked questions regarding Prospectuses: Common positions agreed by CESR members".

The updated publication includes new Q&As on a number of issues, including:

  • Period allowed for filing a supplemental prospectus after the occurrence of a significant new factor or the discovery of a material mistake or inaccuracy.
  • Capitalisation and indebtedness statements and significant changes occurring within the 90 days immediately prior to the date of the publication of the prospectus.
  • Significant change statements and half-yearly financial reports.
  • Transferable securities and contractual restrictions on transfer.
  • Disclosure requirements under paragraph 133 of CESR's Recommendations for mineral companies not extracting minerals on a commercial basis for at least the three preceding years.
  • Disclosure requirements for securities which are unconditionally and irrevocably guaranteed by a Member State or by one of a Member State's regional or local authorities.
  • Interpretation of the requirement to disclose resolutions, authorisation and approvals by virtue of which the securites have been or will be created and/or issued.
  • Interpretation of the requirement to disclose any bankruptcies, receiverships or liquidations (contained in item 14.1 of Annexes I and X).  

View the updated Q&A publication (44 page pdf)