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01/09/2017

New Prospectus regulation

On 20 July 2017 after its publication in the Official Journal on 30 June 2017, the new Prospectus Regulation ("PR3")1 entered into force.

On 20 July 2017 after its publication in the Official Journal on 30 June 2017, the new Prospectus Regulation ("PR3")1 entered into force. PR3 provisions will begin applying on a rolling basis, with full application from 21 July 2019. PR3 will replace the previous EU Directive 2003/71/EC (the "Prospectus Directive").The Regulation, which is part of the EU Commission's Capital Markets Union initiative, is intended to reduce burdens, deliver shorter prospectuses and provide better and more concise information for investors and facilitate  access to capital markets for small businesses . Changes to two exemptions will have immediate effect on 20 July 2017. These relate to the exemptions from the obligation to publish a prospectus when securities are admitted to trading on a regulated market