Non-EEA Issuers' Home Member State Determination under the Prospectus Directive: European Commission Interpretive Position

On November 22, 2005, the London office authored an Alert Memorandum entitled “Non-EEA Issuers’ Home Member State Determination under the Prospectus Directive: European Commission Interpretive Position.” This six-page memo discusses recently issued European Commission guidance on the interpretation of certain provisions of the Prospectus Directive relating to the determination of the “home” Member State of an issuer incorporated in a State outside the European Economic Area (“EEA”). The Commission’s interpretive position is relevant for non-EEA issuers with certain types of securities trading on an EEA regulated market on July 1, 2005.