Some large companies are looking to shift debt issuance programmes away from London to avoid a stricter interpretation of new European rules than can be found elsewhere.
Since July, UK regulators have stringently enforced EU laws requiring companies to give detailed information to buyers of their debt earlier.
The updated [Prospectus] Directive requires companies to provide more information in base prospectuses, submitted annually to regulators, rather than in the final terms of specific debt offerings, which are not vetted. The UK Listings Authority, part of the Financial Services Authority, acknowledged it had tightened practices.
The Irish and Luxembourg regulators said they supported uniform application of the rules.
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