Prospectus Directive Update

As was mentioned in Regulatory Roundup 28 changes are proposed to the Prospectus Rules (which are contained in the PR section of the Handbook) as a result of (early) implementation of the Prospectus Directive: the prospectus threshold will be raised to €5m and the ‘number of investors’ threshold to 150.

The statutory instruments bringing these changes into effect have now been presented to Parliament and the measures will come into effect on 31 July 2011. The FSA will be working with HM Treasury to consult in due course on implementation of the remaining amendments.

As the UK has decided to implement these changes early (the final implementation date is 1 July 2012) firms and issuers should bear in mind that other Member States may still be following the ‘old’ requirements.

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