EuropeanIssuers' comments on ESMA's Prospectus Consultation

15 July 2011

ESMA's advice fails to achieve the aim of reducing administrative costs and burden to issuers when raising capital, as set out in the Commission's mandate and as supported by the European Parliament.

EuropeanIssuers' key concerns are:

- A summary should remain a summary, not become a mini prospectus;
- They want a truly proportionate disclosure regime for SMEs and Small Caps;
- No mini-prospectus via final terms;
- A truly proportionate disclosure regime regarding rights issues;
- Exclusion of smaller companies from EU policymaking debate.

Full comment letter

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