Closed consultation

Early implementation of amendments to the Prospectus Directive

This consultation was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

We are analysing your feedback

Visit this page again soon to download the outcome to this public feedback.

Original consultation

This consultation ran from to

Summary

Early implementation of amendments to the Prospectus Directive.

Documents

Consultation on early implementation of amendments to the Prospectus Directive (PDF 3MB)

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (eg a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Impact Assessment (PDF 3MB)

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (eg a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Prospectus Directive – amending directive (PDF 788KB)

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (eg a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Consultation description

The Prospectus Directive is the EU framework for the preparation of prospectuses in public offers of securities and where securities are admitted to trading on a regulated market. The purpose of the Directive is to harmonise requirements for the drawing up, approval and distribution of the prospectuses that are published when securities are offered to the public or admitted to trading on a regulated market. It came into force on 1 July 2005, and allows a prospectus approved in one Member State to be valid across the EU - giving issuers a ‘passport’ across the EU capital markets.

On 23 September 2009, the European Commission published a proposal to amend the Prospectus Directive, to simplify and improve its application for business without compromising standards of investor protection. On 17 June 2010, the European Parliament adopted a common approach, which was endorsed by the Council on 11 October 2010. The UK must implement the Directive by 1 July 2012.

In November 2010, as part of Financing business growth: the Government’s response to ‘Financing a private sector recovery’, the Government indicated that it intended to implement two of the measures early - ahead of the July 2012 deadline - because this would benefit companies and SMEs in particular.  Both the threshold for an offer of securities, and the minimum number of investors for which a Prospectus is required, will be raised. These measures will be particularly helpful for smaller companies by allowing more efficient access to capital on public markets, as fewer offers will necessitate the production of a prospectus.