Abstract | In the centre of the credit crisis are asset backed securities and at the core of asset backed securities are the disclosures required by securities law. This article examines some of the principles relating to disclosures for asset backed securities under the EU Prospectus Regulation (the PR) 2004 Commission Regulation (EC) no. 809/2004, amended as per Commission Regulation (EC) no. 211/2007 of February 27, 2007. We offer an interpretative framework that suggests the European Court of Justice may use US law over Member State law for the interpretation of European legal doctrines and set out the major legal principles that may be invoked under the PR to justify particular disclosures for asset backed securities. |
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