The review of the Prospectus Directive was foreseen in Article 31 that introduced a five year review clause. In line with the principle of better regulation and cutting bureaucracy, the Commission proposal focuses on eliminating legal uncertainties, lowering unjustifiable high costs and burdens to the industry while keeping the same level of investor protection.
B. Rapporteur’s position
Your rapporteur welcomes the review of the European Commission and the underlying work for this review.
Your rapporteur agrees with the majority of simplifications and clarifications undertaken by the Commission.
Notably he agrees with the clarification of thresholds, the possibility to choose the home
Member State in the case of non-equity securities, the simplification of the regime for employee share schemes, the simplification of over-burdensome disclosure requirement for government guarantees, the alignment with the transparency directive and the removal of uncertainty regarding the host Member State notification.
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