5 July 2017
On 30 June 2017, Regulation (EU) 2017/1129, the Prospectus Regulation was published in the Official Journal of the European Union.
The Prospectus Regulation will enter into force on 20 July, although only a few provisions will take effect on that date and most will not take effect until 2019.
A separate Regulation with more detailed "Level 2" requirements (for example, on disclosure requirements) is yet to be drafted. The European Commission has already mandated ESMA to start preparing recommendations for the Level 2 Regulation.
This briefing includes a timeline, a list of the PD3 key features compared with the PD, the text of Article 1(5) and relevant EU weblinks.