Requirements and Guidance for the Prospectus Directive 

The Central Bank of Ireland, following consultation with industry participants, has issued Prospectus Rules under Section 51 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005. The Prospectus Rules are contained in the Prospectus Handbook published by the Central Bank of Ireland.

The Prospectus Rules set out procedural and administrative requirements and guidance in respect of the Prospectus (Directive 2003/71/EC) Regulations 2005 (the Regulations).

The Central Bank has from time to time published communications to industry participants, as follows:

 Responsibility for Information within a Prospectus for Debt Securities.(September 2011) - Clarification of the requirements pursuant  to Article 6 of the Prospectus Directive and relevant law.

The Central Bank of Ireland may publish further rules and/or guidance in respect of the Regulations and, where it does so, will be published in this section of its website.

ESMA (CESR) Guidance

ESMA is an independent EU Authority. ESMA continues the work of CESR with new competencies and powers.

Prior to ESMA, the role of CESR included the improvement of co-ordination among securities regulators and to work to ensure more consistent and timely day to day implementation of community legislation in Member States.

As part of this role, ESMA has produced a set of guidance to the market on the operation of the Prospectus Directive entitled ESMA's recommendations for the consistent implementation of the European Commission’s Regulation on Prospectuses nº 809/2004 (CESR/05-054b).

As a member of ESMA, in considering whether the Prospectus (Directive 2003/71/EC) Regulations 2005 have been complied with, the Central Bank of Ireland will take into account any relevant guidance as set out in the above mentioned ESMA document which has been incorporated into the Prospectus Handbook published by the Central Bank of Ireland.