IRELAND: IFSRA Publishes Amended Prospectus Rules

Monday August 18 2008

The Financial Regulator has today published its amendments to the Prospectus Rules under the Investment Funds, Companies and Miscellaneous Provisions Act 2005, section 51.The Prospectus Review process is currently being refined and developed, therefore the amendments have come as part of this on-going process and to address the issues raised by the respondents to the consultation between interested parties and the Irish Stock Exchange. The amendments have also come about as a result of the changes arising from the Financial Regulator’s experience as a competent authority as of March 2006.

The new Prospectus Rules will come into force on 15th September 2008 and have accounted for:

* Clarification of responsibilities of issuers, offerors, or persons seeking admission to trading,

* Clarification of the targets to which the Financial Regulator is committed, and

* Clarification of the disclosures to be made in prospectus documents.

Firms must now amend their internal procedures and processes to ensure compliance with the amendments. The Prospectus Rules issued in March 2006 will continue to apply during this period of alteration.To view the Amendments to the Prospectus Rules, please click on the above link.