The Committee of European Securities Regulators (CESR) has launched a consultation on the disclosure of information for all issuers of securities under new EU-wide rules for prospectuses adopted in July.

The rules, known as the prospectus directive, establish a European "passport" for debt and equity issuers giving them access to investors across Europe with a single document. They are a key part of the European Commission's financial services action plan for a single European market in financial services by 2005.