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> > > The summary and risk factor sections under the Prospectus Regulation – give a little, take a little?

The summary and risk factor sections under the Prospectus Regulation – give a little, take a little?

18 octobre 2019 Droit financier

By Cathrine Foldberg Møller (Counsel) & David Van Gaever (Managing Associate) – Simmons & Simmons Luxembourg LLP

The Prospectus Regulation1)Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. applies as of 21 July 2019 and creates a new level playing field for summaries and risk factors found in prospectuses.

The provisions applicable to summaries, which were previously set out in Regulation 809/2004 ,2)Commission regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements, as amended and supplemented from time to time. served a clear and noble cause but have with their archaic-elements approach caused many headaches for the ones preparing them. Risk factors on their turn have in many markets become a copy-paste exercise adding pages and weight to prospectuses but with little or no connection to the product offered, the parties involved or the applicable investors. 

With the application of the new Prospectus Regulation, a new opportunity arose to rectify some of these quirks. Cathrine Foldberg Møller (Counsel) and David Van Gaever (Managing Associate) from Simmons & Simmons Luxembourg LLP analyse whether the new regulation has seized this opportunity and what the new requirements regarding summary and risk factor provisions set out in the Prospectus Regulation mean for debt issuance prospectuses. 

 

This entire article is available on LexNow

Références   [ + ]

1. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.
2. Commission regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements, as amended and supplemented from time to time.

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