(20)Member States and their regional or local authorities are outside the scope of Directive 2003/71/EC. However, they may choose to produce a prospectus in accordance with this Directive. Third country sovereign issuers and their regional or local authorities are not outside the scope of Directive 2003/71/EC and are obliged to produce a prospectus if they wish to make a public offer of securities in the Community or wish their securities to be admitted to trading on a regulated market. For those cases, particular schedules should be used for the securities issued by States, their regional and local authorities and by public international bodies.
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New version applies from 22/09/2012 — introduced by Commission Delegated Regulation (EU) No 862/2012.
58 provisions change.
Later versions: 01/07/2013, 28/08/2013, 01/01/2015, 24/03/2016.
Recital 20 changes in this version: compare with the current text.