Member States’ comparison of Liability Regimes in relation to the Prospectus Directive

In response to the European Commission’s January 2011 request for assistance in identifying and monitoring the different regimes in EEA states, a report on the comparison of liability regimes in Member States in relation to the Prospectus Directive was published on 10th June 2013, by the European Securities and Markets Authority (ESMA).

This report is the first of its kind, providing a comparison of the liability regimes covering the EEA, including the 27 EU Member States as well as Iceland and Norway, in order to provide clarity for market participants on the different regimes, arrangements and frameworks in place in EEA States.

The administrative, criminal, civil and governmental liability have been addressed in this report, excluding however the application of regimes and sanctions.

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