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Clifford Chance

Clifford Chance


Risk factors in Securitisation Prospectuses under the EU Prospectus Regulation (PD3)

22 July 2019

On 21 July 2019, the EU Prospectus Regulation (Regulation (EU) 2017/1129, commonly known as "PD3") began to apply in full, replacing the previous regime under the EU Prospectus Directive (Directive 2003/71/EC, known in its most recent version as "PD2"). As a result, prospectuses approved from that date will be required to comply with PD3. The main area of focus in the structured debt markets has been around PD3's new, much more prescriptive, rules relating to risk factors. In this briefing, we examine those new rules and discuss the practical effect they are likely to have on structured debt prospectuses.

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