The European Commission this week presented its amended proposal for a Directive on prospectuses. A prospectus is a disclosure document, containing key financial and non-financial information, that a company makes available to potential investors when it is issuing securities to raise capital or when it wants its securities admitted to trading or exchange.
The amended proposal seeks to ensure that adequate and equivalent disclosure standards are in place in all Member States when securities are made available to all European investors either through a public offer or because they are admitted to trading.