The Prospectus Directive regime in the European Union has been amended by virtue of Directive 2010/73/EU (the “Amending Directive”), which gave member states until 1 July 2012 to implement the necessary measures by domestic legislation. At the same time, Commission Regulation (EC) No 809/2004 (the “Prospectus Directive Regulation”), which stipulates the detailed contents of prospectuses under this regime and which does not require implementing legislation but has direct effect in member states, has also been amended.
The European Commission has adopted two amending regulations to amend the Prospectus Directive Regulation, which also came into effect on 1 July 2012 (the “Amending Regulations”). The Amending Regulations address (i) the format and content of the prospectus, the base prospectus, the summary and final terms; (ii) the proportionate disclosure regime; (iii) retail cascades; and (iv) certain technical amendments and clarifications.
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