Clifford Chance

Draft Prospectus Directive Regulation changes published – what are the consequences?

3 April 2012

The Prospectus Directive regime in Europe is in the process of being amended by virtue of Directive 2010/73/EU which gives member states until 1 July 2012 to implement the necessary measures by domestic legislation. At the same time, the Prospectus Directive Regulation, which stipulates the detailed contents of prospectuses under this regime and which does not require implementing legislation but has direct effect in member states, is also in process of amendment. On 30 March 2012, the European Commission published a draft of the first amending regulation (the Draft Amending Regulation). The Draft Amending Regulation is due to have effect from 1 July 2012. This briefing considers its principal consequences.

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