Clifford Chance

Prospectus Directive: Significant changes for summaries and final terms

10 October 2011

ESMA's technical advice to the European Commission dated 4 October 2011 on, among other things, final terms and summaries could lead to significant changes to capital markets documentation. If adopted by the Commission, proposals would include longer summaries for prospectuses and, more significantly, individual summaries to accompany each set of final terms. ESMA acknowledges that structured debt products will be most affected, but there would also be an impact on "vanilla" debt programmes and issues.

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