The European Parliament, the Council of the European Union and
the Commission have agreed on the text of a new Prospectus
Regulation. The Regulation will replace the existing Prospectus
Directive and introduce new rules on prospectus contents as well as
providing broader exemptions for small offerings, where no
prospectus is required.
The text of the Regulation is yet to be released but a press release from the European Commission sets
out the main changes from the current prospectus regime. These
capital raisings up to EUR 1 million will not need a prospectus
offerings below EUR 8 million will not require an EU Prospectus
and will be subject to local rules;
a new frequent issuer regime which will halve approval times
from 10 days to 5;
a shorter prospectus for secondary issuances;
shorter prospectus summaries using language which is easier for
investors to understand; and
a paper prospectus will only be required if a potential
investor explicitly requests one.
The final text will need to be endorsed by the European
Parliament and then by the Council of the EU. It will then be
published in the Official Journal of the EU, probably in 2017. We
do not yet know to what extent the UK will continue to apply this
and other European legislation going forwards.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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