The case for a single-document-driven European issuer-disclosure regime


The disclosure regime to which corporate equity

issuers listed on European regulated markets are subject under

the relevant European financial regulation have similar objectives

whether or not the issuer is offering securities at the time of

disclosure. From this premise, this article argues that the

content and format of disclosure should be the same on primary

and secondary markets, at least with respect to large and

thickly traded issuers whose securities are traded in an efficient

market. More specifically, a move to an integrated disclosure

regime and to a company registration system is advocated. This

includes the suppression of the separate drafting, dissemination

and storage of periodic reports which should be replaced by a

periodic update of the initial disclosure document. The suggested

scheme should lower the costs for issuers and supervisory

authorities. It should also make comparisons by investors


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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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