Jump to Content Jump to Main Navigation

Part II The New EU Prospectus Rules, 8 The Contents of the Prospectus: Rules for Financial Information

Giovanni Strampelli

From: Prospectus Regulation and Prospectus Liability

Edited By: Danny Busch, Guido Ferrarini, Jan Paul Franx

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 04 December 2022


This chapter focuses on the financial information to be included in a prospectus. It argues that as far as financial information is concerned, the new EU prospectus regime is in line with the objectives of the European Commission to reduce the administrative burden for issuers when drawing up a prospectus, and to make the prospectus a more relevant disclosure tool for potential investors. Nevertheless, in spite of such simplifications, it remains that financial information is one of the most technical elements of the prospectus contents and, as such, is primarily addressed to sophisticated investors. In particular, pro forma financial information and profit estimates and forecast are deemed to be of limited usefulness for unsophisticated investors. Therefore, in this regard, it is particularly important that (as recommended by the European Commission) the information included in the prospectus summary and primarily addressed to retail investors should not be a mere compilation of excerpts from the prospectus.

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.