Database on German and European Economic Law

 Directive 2010/73/EU

I. Description

In January 2007, the European Commission launched the Action Programme for reducing administrative burdens of existing regulation in the European Union underlining its commitment to Better Regulation as part of the "Growth and Jobs" strategy. The European Council agreed in March 2007 on a reduction target of 25 % to be achieved jointly by the EU and Member States by 2012 in order to enhance the competitiveness of companies in the Community. Moreover, Article 31 of the Prospectus Directive required the Commission to assess the application of the Directive five years after its entry into force and to present, where appropriate, proposals for its review. After five years of its entry into force, the general assessment of the overall effect of the Directive has been positive.

However, despite this general success, the Directive has been identified as one area that contains a number of legal uncertainties and unjustified burdensome requirements that increase costs and create inefficiencies hampering the process of raising funds from the securities markets for companies and financial intermediaries in the EU. In addition, in order to further enhance investor protection and thus respond effectively to the current financial crisis, the summary of the prospectus should be improved in terms of simplicity and readability. This exercise will be consistent with the approach to be adopted following the Commission's Communication on Packaged Retail Investment Products, which aims for horizontal requirements on pre-contractual disclosures and selling practices for a wide range of retail investment product types. The overarching goal of the current proposal is to simplify and improve the application of the Directive, increasing its efficiency and enhancing the EU's international competitiveness, bearing in mind the importance of enhancing the level of investor protection envisaged in the Directive and ensuring that the information provided is sufficient and adequate to cover the needs of retail investors, particularly in the context of the financial market turbulence that started in 2007. This exercise is linked to the European Economic Recovery Plan and the financial services reform announced in the Communication of 4 March for the Spring European Council "Driving European Recovery".

II. General Information

Title

Directive 2010/73/EU amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market

Status
Existing
Directive
2010/73/EU
Source
O.J. EU No L (Legislation), Edition 327, Year 2010, p.1-12
Adoption
11/24/2010
Promulgation
12/11/2010
Character
Regular Act
Legal Basis
Art. 44, 95 AEUV
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2010/73/EU amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market

  2010/73/EU

Beschluss:
11/24/2010 (A)
Verkuendung:
12/11/2010 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
02/18/2010
Opinion of the European Economic and Social Committee
EESC/2010/257/
01/11/2010
Opinion of the European Central Bank
ABL EC No. C 19, p. 1
09/23/2009
Proposal
COM(2009)491

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2004/109/EC
Amendment
  Directive 2003/71/EC

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany