Brussels, 07/12/2001 (Agence Europe) - British Liberal Democrat Chris Huhne, who presented a draft report on the proposal of directive concerning prospectuses on information to be supplied by the companies quoted on the stock exchange to the EP Committee on Economic and Monetary Affairs on 4 December, presented 59 amendments to the text of the European Commission. The text is strongly challenged by the business world, mainly in the United Kingdom. Mr Huhne foresees that, after the final vote in committee on 20 February 2002, the report will be submitted to plenary in March. (The aim of the Council is to reach an agreement in good time for the Barcelona Summit of 15 and 16 March: see EUROPE of 5 December, p.8).
The amendments that Mr Huhne hopes to bring in mainly aim to lighten the burden of drawing up a prospectus for small and medium-sized enterprises, broadening the exemptions for transactions between qualified investors, and tailoring disclosure standards to the category of security and investor. Regarding the powers of the Parliament in this affair (see EUROPE of 3 and 4 December, p.15, on the subject of the von Wogau report concerning the Lamfalussy report on the European financial services market), Mr Huhne proposes ad "sunset clause", according to which the European Commission may adopt measures of application during four years only, unless this authorisation is renewed following the adoption of a new legislative proposal by the Parliament and the Council.