Moreover, CESR has clarified the scope of its recommendation in relation to forecasts made outside the prospectus, for instance in the context of a road show; the recommendation on the capitalisation and indebtedness statement has been redrafted to address the concerns from respondents on the need to calculate and publish the level of profits at the date of the statement. A number of amendments have been introduced in the specialist issuers section. Following criticism from market participants CESR decided to allow the valuation report required for property companies to be dated up to one year prior to the prospectus. In addition, CESR has clarified that the recommendation on scientific research based companies applies only to companies that can be defined as start-up companies. Moreover, for start-up companies, CESR decided not to require a valuation report on the services/products of the issuer. After due consideration of the pros and cons as put forward by the respondents, it was decided that this report should be voluntary. The measures included in the paper cover: Financial information issues:  (a) The purpose of the recommendations is not to provide interpretations of IAS/IFRS or Member States’ local GAAP but to clarify certain disclosure requirements included in the Regulation where necessary. The paper includes recommendations on and Financial Review’; forecast or ‘Operating ‘Profit estimates’; forma financial information’, and capital statements’. ‘Pro ‘Working Non financial information issues:  (a) This section comprises several First, CESR proposes to issue recommendations in order to ensure co-ordination among competent authorities when applying Article 23 of the Regulation. This article gives competent authorities the power to require adapted information (in addition to the information items included in the schedules and building blocks) to those issuers listed in Annex XIX of the Regulation (specialist issuers), such as start-up companies or property companies. The second area covers recommendations on certain items of the prospectus where CESR feels there is a need for clarification at this stage. Amongst others, the paper includes recommendations on the following items of the Regulation: related party transactions, history of the share capital, and information on holdings. In addition, CESR also establishes recommendations on the content of the document required in the case of securities offered to employees or offers of shares allotted free of charge to existing shareholders. This is an issue not related to the prospectuses schedules and building blocks.
Moreover, CESR has clarified the scope of its recommendation in relation to forecasts made outside the prospectus, for instance in the context of a road show; the recommendation on the capitalisation and indebtedness statement has been redrafted to address the concerns from respondents on the need to calculate and publish the level of profits at the date of the statement. A number of amendments have been introduced in the specialist issuers section. Following criticism from market participants CESR decided to allow the valuation report required for property companies to be dated up to one year prior to the prospectus. In addition, CESR has clarified that the recommendation on scientific research based companies applies only to companies that can be defined as start-up companies. Moreover, for start-up companies, CESR decided not to require a valuation report on the services/products of the issuer. After due consideration of the pros and cons as put forward by the respondents, it was decided that this report should be voluntary. The measures included in the paper cover:  Financial information issues: (a) The purpose of the recommendations is not to provide interpretations of IAS/IFRS or Member States’ local GAAP but to clarify certain disclosure requirements included in the Regulation where necessary. The paper includes recommendations on ‘Operating and Financial Review’; ‘Profit forecast or estimates’; ‘Pro forma financial information’, and ‘Working capital statements’.  Non financial information issues: (a) This section comprises several First, CESR proposes to issue recommendations in order to ensure co-ordination among competent authorities when applying Article 23 of the Regulation. This article gives competent authorities the power to require adapted information (in addition to the information items included in the schedules and building blocks) to those issuers listed in Annex XIX of the Regulation (specialist issuers), such as start-up companies or property companies. The second area covers recommendations on certain items of the prospectus where CESR feels there is a need for clarification at this stage. Amongst others, the paper includes recommendations on the following items of the Regulation: related party transactions, history of the share capital, and information on holdings. In addition, CESR also establishes recommendations on the content of the document required in the case of securities offered to employees or offers of shares allotted free of charge to existing shareholders. This is an issue not related to the prospectuses schedules and building blocks.