This section is intended to provide information on the 
Prospectus (Directive 2003/71/EC) Regulations 2005 (the Regulations) which came into operation on 1 July 2005.
The Financial Regulator is the competent authority for the purposes of the Regulations. The Markets Supervision Department of the Financial Regulator is responsible for the competent authority functions arising from the Regulations.
The purpose of the Regulations is to harmonise requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market.
The objective of the Regulations is to ensure investor protection and market efficiency, in accordance with high regulatory standards.
In summary, the Regulations require, inter alia, persons who make an offer of securities to the public or seek admission of securities to trading on a European Economic Area (EEA) regulated market, such as that operated by the Irish Stock Exchange Limited, to publish a prospectus that is subject to prior approval by the competent authority.
The Regulations specify certain exemptions from this provision. The Regulations also impose annual reporting obligations on issuers.
The Financial Regulator has delegated certain tasks relating to the scrutiny of prospectuses to the Irish Stock Exchange Limited. However, approval of a prospectus rests with the Financial Regulator. In this regard, applicants:
- seeking admission of securities to trading on an EEA regulated market, including the Irish Stock Exchange Limited
- or making an offer of securities to the public within the EEA, albeit not seeking admission to trading on an EEA regulated market
should submit the draft prospectus to the Irish Stock Exchange Limited in accordance with the Prospectus Rules published by the Financial Regulator.
See the Prospectuses approved by the Financial Regulator on the Approved Prospectuses page of this website.
See all up to date annual information documents filed with the Financial Regulator on the Annual Information Documents page of this website.
The Financial Regulator has published a number of guidance notes on the Prospectus Directive which are available on the Requirements and Guidance for the Prospectus Directive page of this website.