Introduction

Implementing laws and legal framework

1. Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading (the ‘Prospectus Directive’ or ‘Dir.’), amending Directive 2001/34/EC, was fully implemented in Lithuania in July 2005.

In particular, the Prospectus Directive was implemented by: (i) amending and supplementing the Law on Securities Market of the Republic of Lithuania (No. I-1169 of 16 January 1996) (the ‘Law on Securities Market’); and (ii) adopting the Resolution of the Securities Commission of the Republic of Lithuania Concerning the Approval of the Rules on the Drawing up and Approval of the Prospectus of Securities and the Rules on the Disclosure of Information (No. 1k-21 of 15 July 2005) (the ‘Rules’). It should be noted that in February 2007 the Law on Securities Market was replaced by the Law on Securities of the Republic of Lithuania (No. X-102 of January 2007) (the Law).

2. The Law and the Rules together with directly applicable Commission Regulation 809/2004 of 29 April 2004, implementing the Prospectus Directive as regards information contained in prospectuses, as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (the ‘Prospectus Regulation’ or ‘Reg.’) provide the legal framework for offers of securities to the public in Lithuania and admission of securities to trading on a regulated market in Lithuania.