Equity capital markets: Proportionate disclosure checklist

In September 2009, the European Commission published proposals to amend the Prospectus Directive with the aim of simplifying its application and increasing efficiency. The proposals culminated in the publication of Directive 2010/73/EU (the Amending Directive) which amended the Prospectus Directive and came into force on 31 December 2010. The Amending Directive was implemented in the UK with effect from 1 July 2012. One of the key changes was the creation of a new proportionate disclosure regime (PDR).

Under the PDR, certain information that would otherwise need to be included in a prospectus may be omitted by certain issuers or in relation to certain offers. The creation of the PDR was driven by the recognition that the previous disclosure requirements of the Prospectus Regulation could be disproportionately burdensome for some issuers, and the costs involved in accessing the financial markets could have a deterrent effect. The PDR aims to ease these financial and administrative burdens whilst ensuring a harmonised approach to reduced disclosures…

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

Click on the link above to download briefing.

Sign in or Register to continue reading this article

Sign in


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.

Briefings from Hogan Lovells

View more briefings from Hogan Lovells

Analysis from The Lawyer

View more analysis from The Lawyer


Atlantic House
Holborn Viaduct

Turnover (£m): 1,098.00
No. of lawyers: 2,313 (UK 200)
Jurisdiction: UK
No. of offices: 8
No. of qualified lawyers: 219 (International 50)
No. of partners: 56