On 30 November 2015, the European Commission published its proposals for a new prospectus regulation to reform the European prospectus regime. The proposals will significantly impact equity capital markets participants: where there is no offer to the public, issuers will have the ability to issue up to 20% of existing capital in a 12-month period without the need for a prospectus existing listed issuers and SMEs will be able to benefit from new minimum disclosure regimes for their prospectuses the contents and format of summaries will be changed, limiting the length of summaries to six pages and limiting to 10 the number of risk factors included in a summary risk factors will be required to be categorised according to their materiality issuers will be able to publish a uniform registration document which can be used both for the prospectus regime and the transparency regime issuers will be able to incorporate by reference a wider range of information
On 30 November 2015, the European Commission published its proposals for a new prospectus regulation to reform the European prospectus regime. The proposals will significantly impact equity capital markets participants: where there is no offer to the public, issuers will have the ability to issue up to 20% of existing capital in a 12-month period without the need for a prospectus existing listed issuers and SMEs will be able to benefit from new minimum disclosure regimes for their prospectuses the contents and format of summaries will be changed, limiting the length of summaries to six pages and limiting to 10 the number of risk factors included in a summary risk factors will be required to be categorised according to their materiality issuers will be able to publish a uniform registration document which can be used both for the prospectus regime and the transparency regime issuers will be able to incorporate by reference a wider range of information
