The objective of this advice, subject to consultation, is to assist the European Commission in determining, by 1st July 2008, the equivalence of third country GAAP under the Prospectus and Transparency Directives.
Interested parties are asked to consider the questions in the consultation paper and send their responses via CESR's website (www.cesr.eu) under the section "Consultations". Responses to the consultation are requested by 25 February 2008. Whilst the consultation period is shorter than the usual 3 month period which CESR usually aims to provide, this curtailment is due to the deadline by which CESR must respond to the Commission which is 29 February 2008. Notwithstanding this deadline, CESR has decided that its advice to the Commission should be informed by market participants' views, in accordance with its normal consultation practices. In order to allow a proper assessment of the responses to the consultation, CESR expects to delay the submission of its final advice to the Commission until the end of March.
CESR will hold an Open Hearing at its premises (11-13 avenue de Friedland, 75008 Paris) on Friday 21 January 2008 from 1.30pm to 4.30pm. The Hearing, which is open to all interested stakeholders, will be an opportunity to discuss the issues raised in this consultation. Those wishing to attend can register via the CESR website, in the section