A recent case of the European Court of Justice (Michael Timmel v Aviso Zeta AG (Case C-359/12)) considered whether the requirement in Article 29 of the Prospectus Regulation for a prospectus published in electronic form to be easily accessible was met when the relevant prospectus was published on a website which required certain conditions to be met before access was allowed.
The ECJ ruled that the requirement in Article 29 is not met where the prospectus is published on a website that requires the acceptance of a disclaimer and the obligation to register on that website, the obligation to provide an email address or where a charge is made for access to that website, or where consultation of parts of the prospectus is restricted to two documents per month.
The judgment is available at:
http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1395663271645&uri=CELEX:62012CJ0359
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