Debt programme updates/establishments and the new PD regime — an update

The debt capital market continues to come to terms with the requirements of the new Prospectus Directive (PD) regime. As noted in the previous edition of this note, issuers with debt programmes established or last updated before 1 July 2012 will now have to ensure that relevant amendments are made to base prospectuses at the next programme update.

There continue to be inconsistencies in the approach taken by the competent authorities when interpreting some of the new requirements. In addition, new comments continue to be raised in the context of live deals. As a result, the uncertainty surrounding some of the new requirements (eg regarding the content of Final Terms and Summaries and certain disclosure relating to tax and passporting) looks set to continue such that issuers with relevant programmes could potentially be facing increased costs due to longer turnaround times during the approval process.

These inconsistencies and longer turnaround times, combined with the lack of possibility for dialogue with certain competent authorities, have also been giving issuers cause to consider moving their debt programmes away from such competent authorities…

If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer

Overview

One Bishops Square
London
E1 6AD
UK
http://www.allenovery.com

Turnover (£m): 1,234.30
No. of lawyers: 2,194 (UK 200)
Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 273 (International 50)