Article by Gary Thorpe of Clyde & Co
Gary Thorpe of Clyde & Co outlines the potential changes to
the EU Prospectus Directive.
The EU Prospectus Directive (2003/71/ EC) requires companies
seeking admission to an EU-regulated market or making a public
offer in an EU member state to publish a prospectus approved by the
competent authority in the relevant member state. In the UK, this
is the UK Listing Authority (UKLA), although it is set to become
the Financial Conduct Authority. A prospectus must contain
information as set out by the Prospectus Rules and enable investors
to make an informed assessment of the company and its
securities.
Admission document
AIM is not an EU-regulated market, so companies seeking
admission need to publish an admission document not a prospectus
– unless they are making a public offer, which most tend
not to do. The contents of an admission document are governed by
the AIM Rules (in reality, an abbreviation of the Prospectus
