On April 29, 2004 the European Commission adopted regulations implementing the European Prospectus Directive together with the Regulations, directly applicable throughout the EU as of July 1, 2005.The Prospectus Rules constitute a major element in the European Commission long-term project ofunifying the EU's financial markets, and should facilitate both cross-border offerings and multiple European listings.The new regime should standardize prospectus requirements, and thereby reduce the costs and timing of trans-European offerings.For non-EU issuers, the language and accounting provisions also represent significant benefits.