The revised EU Prospectus Regulation: key changes to the contents of prospectuses

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Abstract:

This article discusses significant changes to the disclosure regime for prospectuses in the EU. These stem from amendments to the EU Prospectus Regulation that had to be made as a result of the amendments to the EU Prospectus Directive. The changes to the Prospectus Regulation are set out in two delegated regulations of the EU Commission, one of which entered into force on 1 July 2012, covering significant changes to the format and content of prospectuses, the summary and final terms, and introducing a proportionate disclosure regime for certain rights issues and offerings of small and medium-sized enterprises and companies with reduced market capitalisation. A further regulation is pending, covering changes in relation to consents to be given in the context of retail cascades and the requirement for an auditor's report for inclusion of profit forecasts and estimates. A consultation in relation to convertible and exchangeable securities is also pending that will result in further changes to the Prospectus Regulation.

Document Type: Research Article

DOI: http://dx.doi.org/10.5235/LFMR6.4.249

Publication date: July 1, 2012

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  • Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.
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