On February 18, 2015, the European Commission published a
consultation paper on the review of the Prospectus Directive
(2003/71/EC). Matters on which the Commission seeks views
include:
When a prospectus is needed. In particular, views are sought as
to whether the current exemption thresholds should be adjusted so
that a larger number of offers can be carried out without a
prospectus; whether there should be an exemption for secondary
issues under certain conditions, in addition to the proportionate
disclosure regime for rights issues; and whether a prospectus
should be required when securities are admitted to trading on an
MTF.
The information that a prospectus should contain. Questions
include whether the proportionate disclosure regime should be
modified or extended; whether there should be a simplified
prospectus for SMEs and companies with reduced market
capitalization admitted to trading on an SME growth market; and
whether there should be a maximum length
