Following years of wrangling, the European Union's Council of Ministers has finally voted to adopt t...
Following years of wrangling, the European Union's Council of Ministers has finally voted to adopt the Prospectuses Directive, which for the first time creates a single market for initial disclosure documents.
The Council previously threw out the Directive as voted on by the EU Parliament, but following amendments the rules have now passed their final hurdle to become EU-wide law.
The Directive does not diminish the need for listed companies to live up to specific stock exchange rules or national regulatory frameworks, but it does mean that a prospectus issued in one member state is valid in another.
That is likely to open up more competition, reducing the costs associated with issuing prospectuses – such as distribution, printing and legal support services costs.
Together with easier access to listings across borders – such as through the London Stock Exchanges new rules for Alternative Investment Market listings for companies already listed in other markets – it should make it easier for companies reach more investors.
UK investors will also benefit when looking for opportunities abroad, as the new Directive ensures common standards of investor protection.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till