New Rules Governing Prospectuses

The obligation to produce a prospectus and the content and format requirements of prospectuses across the EU are regulated by the Prospectus Directive and the Prospectus Regulation. In 2010 the Prospectus Directive was amended by the Amending Directive. Member states are required to implement the Amending Directive by 1 July 2012. In the UK, the Amending Directive was implemented by the Prospectus Regulations 2011 and the Prospectus Regulations 2012 along with accompanying amendments to the FSA Handbook.

The Amending Directive amends some of the exemptions from the requirement to produce a prospectus and the thresholds determining if a prospectus is required.

The Prospectus Regulations 2011