German Securities Prospectus Act / Requirement for issuers to publish an "Annual Document"

On August 22, 2006, the Frankfurt office authored an updated version of our Alert Memorandum dated April 27, 2006, entitled, “German Securities Prospectus Act / Requirement for issuers to publish an “Annual Document.” This alert discusses the new requirement for issuers to publish annually a document containing certain information that such issuer has made public during the preceding 12-months. Our update reflects the interpretive guidance related to, among other things, the preparation and publication of annual documents issued by the German Financial Supervisory Authority (“BaFin”) on June 28, 2006.