FINWIRE®

Financial services: Commission launches consultation on review of Prospectus Directive

January 15th, 2009

The European Commission has launched a consultation on its review of the application of the Prospectus Directive, including some proposals to improve and simplify this Directive.

The Prospectus Directive aims to ensure that investors are provided with clear and comprehensive information when making investment decisions.

The Commission now wishes to assess the potential impact of its proposals and the merit of any alternative approaches.

All interested stakeholders, in particular businesses, investors and consumers, are invited to participate. The proposal is a key element of the Commission’s action plan to reduce administrative burdens on EU companies. The closing date for replies is 10 March 2009.

Internal Market and Services Commissioner Charlie McCreevy said: “We want to improve and simplify the Prospectus Directive so that it meets the needs of issuers and investors and removes any unnecessary burdens on businesses. I encourage all interested parties to give us their views.”

As a result of extensive and continuous dialogue with stakeholders, including the Committee of European Securities Regulators (CESR) and the European Securities Markets Expert Group (ESME), the Commission has concluded that some particular elements of the Prospectus Directive merit a review and has put forward proposals to improve and simplify the Directive.

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