Deregulation of Public Offering Prospectus Requirements

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The Prospectus Regulations 2011/1668 (the Regulations) came into force in the United Kingdom (the UK) on 31 July 2011, allowing companies—particularly smaller ones—to raise equity finance more cost-efficiently. The Regulations will achieve this by increasing two key thresholds, below which it is no longer necessary to create expensive prospectuses. The beneficial nature of the deregulatory provisions means they are being implemented almost one year before the European Union (the EU) deadline of 1 July 2012. The Regulations amend the Financial Services and Markets Act 2000 (FSMA), which provides for the implementation of Directive 2003/71/EC (the Prospectus Directive) in the UK.

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