EBF response on Private Placement Regimes

29 June 2007

The EBF issued its response on the Commission’s call for evidence on private placement regimes in the EU. The EBF calls for a practicable regime that should provide some common assumptions and definitions for private placements to facilitating cross-border deals as well as creating legal certainty for all involved parties.

EBF calls the Commission to ensure that there be no national goldplating in these areas. “As a crucial precondition for legal certainty”, EBF notes, “the regime should however certainly include a clear and unambiguous definition of the eligible counterparties for private placements.”

The EBF would support an approach that includes, on the demand side, wealthy and financially sophisticated individuals as well as professional clients.

As regards the supply side, we believe that the framework of the MiFID is suitable and sufficiently comprehensive to fully cover private placements, including all remaining aspects of investor protection.

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