Securities Supervision

German insurers’ position on the amendments to the Prospectus Directive

The European Securities and Markets Authority (ESMA) has initiated a consultation on the Prospectus Directive with the aim of expanding the scope of the currently valid text (2010/73EU). The consultation’s main themes are the consent to use a prospectus in a retail cascade and the review of the existing Prospectus Directive.

All in all, the German insurance industry welcomes the opportunity to participate in the consultation. Due to the tight time schedule, the insurance industry was only able to comment on very specific questions of the consultation paper. The GDV agrees with ESMA’s view that the period for which consent to use a prospectus has been granted cannot be extended beyond the validity of the prospectus. Other aspects such as base prospectuses, the combination of prospectuses, reporting requirements, the equivalence of financial markets in third countries and the comparative analysis of liabilities regarding prospectuses will be dealt with at a later point in time.

The GDV’s complete position paper is available in the download section.


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as of 13 December 2011 on the technical advice on possible delegated acts concerning the Prospectus Directive 2010/73/EU