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Prospectuses for investors [EU Legislation in Progress]

Written by Angelos Delivorias (3rd edition),

© Eisenhans / Fotolia

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces changes to how the prospectus is drawn up.

On 3 June 2016, the Dutch EU Council Presidency published its proposal for a general approach on the Commission proposal and on 15 September 2016, the European Parliament adopted its amendments to the Commission proposal. The compromise agreement between the two institutions was adopted by the European Parliament on 5 April 2017, and then by the Council on 16 May. The final act was published in the Official Journal on 30 June 2017, and applies in full from 21 July 2019.

Versions

Proposal for a regulation of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading
Committee responsible:

Rapporteur:

Economic and Monetary Affairs (ECON)

Petr Ježek (ALDE, Czech Republic)

COM(2015)583 of 30.11.2015

procedure ref.: 2015/0268(COD)

Ordinary legislative procedure

Next steps expected: Regulation 2017/1129
OJ L 168, 30.6.2017, pp. 12–82

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