A simplified prospectus for companies and investors in Europe – Public consultation

The European Commission opened a public consultation for its new draft proposal on the prospectus to be published when securities are offered to the public or admitted to trading and repealing Directive 2003/71/EC.

 

If you want to have your say about the Commission’s delegated act, you are welcome to join the open feedback process. Deadline to give your feedback is 22 May 2018.

 

BACKGROUND

A prospectus is a legal document that describes the company, its main line of business, finances and shareholding structure and the securities that are being offered and/or admitted to trading. It contains the information an investor needs before making a decision whether to invest in the company's securities (such as shares, bonds, derivatives).

 

In the context of the Capital Markets Union Action Plan, the Prospectus regime is undergoing a substantial reform. The new Prospectus Regulation 2017/1129 entered into force on 20 July 2017 and will be applicable in full as of 21 July 2019.

 

Certain elements of this "level 1" Regulation need to be further specified in a delegated act, to be adopted by the Commission by 21 January 2019. Without such further specification the provisions of the Prospectus Regulation could be interpreted and applied differently by national competent authorities.

 

 

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