The European Union Council has agreed a negotiating stance on proposed new rules on prospectuses for the issuing and offering of securities in the EU.
The proposed Regulation is an important step towards the creation of the capital markets union which is due to be fully functioning by the end of 2019. The draft regulation seeks to provide all types of issuers with disclosure rules that are tailored to their specific needs, whilst making the prospectus a more relevant tool for informing potential investors. It will also reduce divergences that have emerged in implementation by member states.
The draft Regulation also sets out to achieve greater convergence between the prospectus rules and other disclosure rules.