Prospectus Directive meaning

In March 2018, Euronext acquired the Irish Stock Exchange plc, which then joined Euronext’s federal structure and now trades as Euronext Dublin, with Ireland recognised as one of Euronext’s six core countries. Euronext is the foremost pan-European marketplace in the Eurozone, operating across Belgium, France, Ireland, The Netherlands, Portugal and the UK. Its mission is to energise pan-European capital markets to fund the real economy, uniting buyers and sellers in venues that are transparent, efficient and dependable. What are the rules applicable to listing debt securities on Euronext Dublin? Euronext Dublin—EU Regulated Market The Central Bank of Ireland (CBI) is the competent authority responsible for reviewing and approving a prospectus (Prospectus) for the purposes of the Prospectus Regulation (EU) 2017/1129 (PR). The PR prescribes the relevant annex items to be included in a prospectus, depending on the issuer’s profile and the nature of the transaction. The European Union (Prospectus) Regulations 2019 (the Irish Regulations) took effect on 21 July 2019, replacing the prior Irish Prospectus (Directive 2003/71/EC)...

In this issue: Equity capital markets Corporate governance Public company takeovers (Offers) Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q&As Useful information Equity capital markets FCA publishes consultations and policy statement aimed at capital markets reform The Financial Conduct Authority (FCA) has unveiled a suite of measures intended to reinforce the UK’s capital markets. These include: a consultation on proposed rules to create the new Public Offers and Admissions to Trading Regime (POATRs), which will replace the current UK Prospectus Regulation; a consultation setting out proposals for a new activity of operating a public offer platform; and a consultation on derivatives trading obligations designed to improve secondary market regulation, cut systemic risk and minimise disruption for firms. The package also contains policy statement PS24/9, Payment Optionality for Investment Research. See: LNB News 26/07/2024 25. FCA publishes updated checklists and forms following implementation of UK...

In this issue: Equity capital markets Economic crime and corporate transparency Companies Act Accounts and reports Corporate governance (EU) Directors Public M&A Private M&A (share purchase) Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets Trends in UK Equity Capital Markets in 2024 Our Market Standards Trend Report—Trends in UK Equity Capital Markets in 2024 offers a detailed and comprehensive review of the IPOs, introductions, moves between markets and follow-on offers completed on both the Main Market of the London Stock Exchange and AIM in 2024, together with perspective on what we may see in 2025. It also examines the major changes to the UK listing regime made in 2024 and the work under way regarding the prospectus regime. See News Analysis: Market Standards Trend Report—Trends in UK Equity Capital Markets in 2024. LSE publishes discussion paper on reforms...

In this issue: Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals EU MiFID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community Authorisation, approval and supervision The Financial Conduct Authority has unveiled streamlined annual Regulatory Priorities reports, replacing over forty portfolio letters. The slimmer format cuts publications to nine sector‑specific reports, each delivering a one‑page summary of priorities with direct links to fuller guidance. Updated every year, the reports are intended to clarify what the regulator expects from firms while lightening the compliance load....

STOP PRESS: On 21 July 2019, Prospectus Regulation (EU) 2017/1129 became fully effective across EU member states, and the Prospectus Directive was repealed. The Regulation now sets out when a prospectus must be published for an offer of securities to the public in the UK, or for the admission of securities to trading on a regulated market in the UK. To reflect this, the FCA has brought the FCA Handbook into line with the Regulation by removing the Prospectus Rules in their entirety and substituting the Prospectus Regulation Rules sourcebook. For more detail, see Practice Note: The UK Prospectus Regulation—essentials [Archived] and The UK Prospectus Regulation—is a prospectus required? [Archived]. ARCHIVED: This archived Practice Note is not maintained and is provided for background purposes only. Further information is available in Practice Note: The UK Prospectus Regulation—essentials [Archived]. This Practice Note examines, under the previous Prospectus Directive framework, when a prospectus had to be published for an offer of securities to the public in the UK or for admission...

Tracker overview This tracker outlines legislative and regulatory milestones from 2001 up to 31 January 2020, the date of Brexit, covering Regulation (EU) 2017/1129 (referred to here as the EU Prospectus Regulation or Prospectus Regulation) and the repealed Directive 2003/71/EC (Prospectus Directive). It is organised into the following sections: Recent and future developments (2015 onwards) Review and further implementation of the Prospectus Directive (2009–2014) Implementation of the Prospectus Directive (2003–2009) Regulation (EU) 2017/1129 was published in the Official Journal of the EU on 30 June 2017 and came into force in the EU on 20 July 2017. The bulk of its provisions have applied in the EU since 21 July 2019, with a small number taking effect earlier. For the stages of debate and agreement within the European legislative process on the Prospectus Regulation, see: EUR-Lex (Procedure 2015/0268/COD). Key documents The following constitute the level 1 text and level 2 measures for the EU Prospectus Regulation: ...

ARCHIVED: This Practice Note is archived and no longer maintained. Last revised July 2019. From 21 July 2019, the Prospectus Regulation (EU) 2017/1129 applied in full across EU member states and the Prospectus Directive was revoked. The Prospectus Regulation now determines when a prospectus must be published for an offer of securities to the public in the UK, or for the admission of securities to trading on a regulated market in the UK. The FCA brought the FCA Handbook into line with the Prospectus Regulation by removing the Prospectus Rules in their entirety and substituting the Prospectus Regulation Rules sourcebook. For further details see Practice Note: The UK Prospectus Regulation—essentials [Archived] and The UK Prospectus Regulation—is a prospectus required? [Archived]. This note, and related notes concerning the now repealed Prospectus Rules, have been kept for reference because the commentary may remain relevant to equivalent provisions within the Prospectus Regulation Rules (PRR). This Resource Note signposts pertinent commentary, analysis and materials to aid interpretation of, and offer practical guidance on the...