{
  "url": "https://openlegislation.uk/eu-directive-2014-51/article-1",
  "json_url": "https://openlegislation.uk/eu-directive-2014-51/article-1.json",
  "legislation": "eudr/2014/51",
  "legislation_title": "Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)",
  "legislation_url": "https://openlegislation.uk/eu-directive-2014-51",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Amendments to Directive 2003/71/EC",
  "text": "Directive 2003/71/EC is amended as follows:\n(1) in Article 5(4), the third subparagraph is replaced by the following:\n‘Where the final terms of the offer are neither included in the base prospectus, nor in a supplement, they shall be made available to investors, filed with the competent authority of the home Member State, and communicated by that competent authority to the competent authority of the host Member State(s) as soon as practicable upon the making of a public offer and, where possible, before the beginning of the public offer or admission to trading. The competent authority of the home Member State shall communicate those final terms to ESMA. The final terms shall contain only information that relates to the securities note and shall not be used to supplement the base prospectus. Article 8(1)(a) shall apply in such cases.’;\n(2) in Article 11, paragraph 3 is replaced by the following:\n‘3. In order to ensure consistent harmonisation in relation to this Article, ESMA shall develop draft regulatory technical standards to specify the information to be incorporated by reference.\nESMA shall submit those draft regulatory technical standards to the Commission by 1 July 2015.\nPower is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;\n(3) in Article 13, paragraph 7 is replaced by the following:\n‘7. In order to ensure consistent harmonisation in relation to the approval of prospectuses, ESMA shall develop draft regulatory technical standards to specify the procedures for the approval of the prospectus and the conditions in accordance with which time limits may be adjusted.\nESMA shall submit those draft regulatory technical standards to the Commission by 1 July 2015.\nPower is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;\n(4) in Article 14, paragraph 8 is replaced by the following:\n‘8. In order to ensure consistent harmonisation in relation to this Article, ESMA shall develop draft regulatory technical standards to specify the provisions relating to the publication of the prospectus in paragraphs 1 to 4.\nESMA shall submit those draft regulatory technical standards to the Commission by 1 July 2015.\nPower is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;\n(5) in Article 15, paragraph 7 is replaced by the following:\n‘7. In order to ensure consistent harmonisation in relation to this Article, ESMA shall develop draft regulatory technical standards to specify the provisions concerning the dissemination of advertisements announcing the intention to offer securities to the public or the admission to trading on a regulated market, in particular before the prospectus has been made available to the public or before the opening of the subscription, and specify the provisions laid down in paragraph 4.\nESMA shall submit those draft regulatory technical standards to the Commission by 1 July 2015.\nPower is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;\n(6) the following article is inserted:\n‘Staff and resources of ESMA\nArticle 31a ESMA shall asses the staffing and resources needs arising from the assumption of its powers and duties in accordance with this Directive and shall submit a report to the European Parliament, the Council and the Commission in relation thereto.’.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudr/2014/51/article/1",
    "retrieved_at": "2026-11-01T15:21:45.384926+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}