QCA Response to ESMA Consultation on draft RTS on prospectus related issues under the Omnibus II Directive

19th December 2014

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Our Legal Expert Group contributed to our response to the ESMA Consultation on draft RTS on prospectus related issues under the Omnibus II Directive. In our response, we emphasised that the review process by the competent authority is one of the most significant contributors to the expense of producing a prospectus and to delay when funds are needed on a relatively short timescale and asked ESMA to consider that this disproportionately affects small and mid-size quoted companies seeking to raise smaller amounts of money on public equity markets. We supported that a more principles based approach should be adopted regarding what can be incorporated by reference. We further supported that issuers should be able to use disclaimers to ensure that the offer is only available within the appropriate jurisdictions or only by those individuals within the jurisdiction who qualify to receive the offer. We argued that only material inaccuracies that are likely to affect investors’ decision whether to invest should have to be corrected in a specific additional communication.

Click here to download the response (pdf)

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