Clifford Chance
Prospectuses and publication: CJEU interprets PD regime in Timmel case
19 May 2014
Court judgments discussing the "Prospectus Directive regime" are rare. Last week, though, the highest EU court gave a ruling on prospectus content and publication. The ruling in Michael Timmel v Aviso Zeta AG (C-359/12) may lead to refinement of capital markets practices – notably, prospectus publication.
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