Changes to the prospectus regime from 1 July 2012
The prospectus regime is being amended throughout Europe. The Amending Directive (Directive 2012/73/EU) revised the Prospectus Directive and came into force on 31 December 2010. It gives member states until 1 July 2012 to implement the changes in their domestic legislation. This briefing discusses the principal changes.
In outline, these include:
- measures to standardise the form and content of prospectus summaries;
- introducing proportionate disclosure regimes for rights issues and for SMEs and issuers with reduced market capitalisation;
- an amended regime which applies when securities are sold on through a financial intermediary (the retail cascade);
- some changes to the thresholds which determine whether a prospectus is required;
- aligning the definition of “qualified investor” with the definitions used in the Markets in Financial Instruments Directive (MiFiD);
- amended rules on supplementary prospectuses and the investor’s right to withdraw;
- an increase in the exemption threshold for high denomination debt from €50,000 to €100,000; and
- deleting the requirement for an annual information update…
If you are registered and logged in to the site, click on the link below to read the rest of the Nabarro briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
News from Nabarro
News from The Lawyer
Briefings from Nabarro
This case has highlighted the question of whether there is a ‘gap’ in clause 20 of the FIDIC conditions where arbitration is chosen as the final method of dispute resolution.
Lord Justice Jackson gave a keynote speech at the Costs Law and Practice Conference on 30 September, making a number of comments on the progress of his reforms.
Analysis from The Lawyer
Nabarro senior partner and self-confessed “IT geek” Graham Stedman is heralding a major set of investments in technology ahead of the firm’s move to 125 London Wall this year.
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem