The European Commission has published a consultation paper on the review of the Prospectus Directive. The Commission was required to assess the application of the Directive by 1 January 2016 but given the importance of making progress towards a Capital Markets Union, it has decided to bring forward the review. The review will seek to ensure that a prospectus is required only when it is truly needed, that the approval process is as smooth and efficient as possible, the information that must be included is useful and not burdensome to produce and that barriers to seeking funding across borders are reduced.

Responses are due by 13 May 2015.

A copy of the Consultation Paper is available on the EC website. (PDF)

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