Germany

European Prospectus Directive close to implementation

Previous editions of Financial Regulation International have considered the provisions of the Prospectus Directive which is due to be implemented in EU member states by 1 July 2005. In December 2004, the German Ministry of Finance presented an initial proposal for the implementation of the Directive in Germany and the Government approved a slightly revised proposal on 2 February 2005. An important part of these drafts is a proposal for a new Securities Prospectus Act ( Wertpapierprospektgesetz - WpPG ) that will transpose the provisions of the Directive into German law from 1 July 2005.