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Clifford Chance

Clifford Chance

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En Garde! Omnibus 3 Proposal suggests major centralising changes to new prospectus regulation

20 September 2017

The latest development in the EU prospectus regime feels like the scoring in an Olympic fencing match. In a word, baffling.

The ink is barely dry on the new Prospectus Regulation published in the Official Journal of the European Union on 30 June 2017, following an extensive Consultation and Trilogue process.  ESMA, meanwhile, is currently consulting on Level 2 measures - including scrutiny and approval criteria to be followed by national competent authorities (NCAs).  And yet, the Omnibus Regulation proposal (Omnibus 3), published today, suggests significant changes to some key elements of Prospectus Regulation (EU) 2017/1129.

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