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The Quoted Companies Alliance Legal Committee has responded to the latest consultation by ESMA on the Prospectus Directive (Part II). The latest Prospective Directive, in relation to retail cascades, makes no distinction between debt and equity securities. Our response included out belief that it is extremely important to make clear that issuers of equity securities should be obliged to inform investors only about taxes required to be withheld at source by the issuer. With regard to the question raised in Part 4.V relating to Historical Financial Information, our response stated that we do not agree that the current requirement to produce audited financial information covering the latest three financial years serves any useful purpose. The reduced requirement for SMEs and companies with reduced market capitalisations will not apply to an initial public offer on a regulated market. Investors are already able to find this information in public sources.

Click here to read the full response (pdf)

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