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This article reviews the use in the flotation of Standard Life plc of the prospectus passport for cross-border offers of securities within the EU that was introduced by the Prospectus Directive (2003). The Standard Life flotation was a major test for the new law on prospectuses and, overall, it came through it well. The prospectus was approved in the UK and the passport mechanism worked smoothly in facilitating the offer of securities into Ireland, Germany and Austria. The Standard Life transaction suggests that national regulatory agencies are willing to make the regime work effectively and to find pragmatic, case-by-case solutions where experience reveals shortcomings in its design. The Committee of European Securities Regulators (CESR) has also played a constructive role.

Cross-border Offers of Securities in the EU: The Standard Life Flotation