Further to proposals by the European Securities and Markets Authority (“ESMA”), the Prospectus Directive regime in Europe, particularly the requirements in relation to the form of prospectuses, transaction summaries, final terms and supplements have undergone some major changes. These changes have been brought about by amending the Prospectus Directive and the Commission Regulation (EC) No 809/2004 (the “Amending Regulations”), which came into effect on 1 July 2012. As a result, issuers with established programmes or those looking to establish new programmes will have to carefully consider the implications of the new requirements.
Continue Reading The EU Prospectus Directive Regime – Winds of Change