The ESMA has published a report on the comparison of liability regimes in Member States in relation to the Prospectus Directive.
This is the first report of its kind and provides a comparison of liability regimes covering the 27 EU Member States along with Iceland and Norway and is aimed at providing clarify for market participants about the different regimes in place. The report contains an overview of the different arrangements and frameworks in place in EEA Sates to address administrative, criminal, civil and governmental liability.
The report was compiled in response to the European Commission request of January 2011 for assistance in identifying and monitoring the different regimes in EEA states. The report does not cover how the regimes, or sanctions, are applied.