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Part IV Raising Capital on the Capital Markets, 11 Modernizing the Prospectus Directive

Bas de Jong, Tomas Arons

From: Capital Markets Union in Europe

Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 18 April 2024

Prospectus Directive — Financial regulation

On 16 May 2017, the Council adopted the Prospectus Regulation, which repeals the Prospectus Directive. The prospectus rules are an important part of the Capital Markets Union (CMU), and will apply from mid-2019. This chapter analyzes the reforms of the prospectus rules enacted in the new Prospectus Regulation. First, it provides the background and purposes of the Regulation. It then addresses the extension of the exceptions to and exemptions of the duty to publish a prospectus; the special regime for small and medium-sized companies; the reduction of the burden for secondary issues; the special regime for frequent issuers; the increased relevance of the prospectus for investors; and finally the publication of and access point for EU-prospectuses.

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