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On 30 June 2017, Regulation
(EU) 2017/1129 (the Prospectus Regulation) was published in the Official Journal. The Prospectus Regulation will repeal Directive 2003/71/EC (as amended) and is directly applicable in all Member States. The Prospectus Regulation entered into force on 20 July 2017. While the majority of its provisions will apply from 21 July 2019, Article 49(2) of the Prospectus Regulation lists certain provisions that will apply as of 20 July 2017 and 21 July 2018 respectively.
The following provisions apply from 20 July 2017:
- points (a), (b) and (c) of the first subparagraph of Article 1(5) (which set out certain exemptions from the requirement to publish a prospectus in the case of admission to trading on a regulated market); and
- the second subparagraph of Article 1(5) (which sets out further details relating to the exemption in Article 1(5)(b)).
In particular, Article 1(5)(1)(a) of the Prospectus Regulation expands the existing exemption for fungible issuances as set out in Regulation 11(1)(a) of the Prospectus (Directive 2003/71/EC) Regulations, 2005 in that the existing threshold of 10% has been increased to 20% and the exemption now applies to all types of securities instead of only to shares.
More information:
Securities Markets
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