iv) Council Directive of 30 May 1994 (94/18/EC) amending Directive 80/390/EEC co-ordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock exchange listing, with regard to the obligation to publish listing particulars

The Directive states that companies which have been listed on an exchange in a country within the EEA do not have a draw up a public-offer prospectus when admission to register with an exchange in another Member State is sought.

The above is valid to an issuer on condition that the issuer during the preceding three years has complied with all the requirements concerning information and admission to listing and also draws up an official document containing certain information.

Furthermore, the Directive states that companies which have been listed on an exchange during the preceding 24 months, do not have to draw up a public-offer prospectus when admission to register with the same exchange. This is valid on condition that the issuer during the preceding 24 months has complied with all the requirements concerning information and also that the issuer, instead of drawing up a public-offer prospectus, keeps required information available to the public.

To implement the above, the Financial Supervisory Authority (FSA) has prescribed regulations which entered into force on 1st April 1995.