Equity capital markets — proportionate disclosure checklist

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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, 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 while ensuring a harmonised approach to reduced disclosures…

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