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CAPITAL MARKETS The New Prospectus Regulation

The new Prospectus Regulation represents the latest overhaul of the prospectus regime in the EU and the most significant step so far towards achieving the European Commission's vision of a Capital Markets Union. Ashurst has designed this portal to help keep you up to date on the latest developments up to and beyond 21 July 2019, the date of full application.

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The new Prospectus Regulation (Regulation (EU) 2017/1129) was published in the Official Journal of the European Union on 30 June 2017 and entered into force on 20 July 2017. The Regulation has from 21 July 2019 essentially repealed and replaced the Prospectus Directive (EU Directive 2003/71/EC) and all related level 2 measures and, as an EU regulation, is directly effective across all EU member states without any requirement for implementation into national law.

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The origins of the new Prospectus Regulation lie in the Prospectus Directive itself. Under the Directive's terms, the European Commission is required to undertake periodic assessments of the Directive's application and, if necessary, reconfigure it to increase its efficiency and ultimately enhance the international competitiveness of the European Union. The new Prospectus Regulation is the product of the latest process of self-scrutiny and, at the same time, represents a key step forward in the EU's Capital Markets Union agenda.

Ashurst has been at the forefront of legislative developments in this area since the early days of the Prospectus Directive. The Directive in its original form came into effect in 2005, when the existing prospectus regimes of all EU member states were replaced by a single harmonised rulebook. Since that time the Prospectus Directive has undergone a number of key changes, most notably in July 2012 when Directive 2010/73/EU came into force. Ashurst has closely followed the evolution of the Pan-European prospectus regime at each stage of its progress. Through close monitoring of legislative and market developments, active participation in consultations and roundtables and ongoing collaboration with the key industry bodies, Ashurst remains well-placed to advise on the full range of issues which impact market practices and the functioning of the international capital markets.

Ashurst has developed this portal to help you navigate and stay up to speed with the new Prospectus Regulation following its full implementation in July 2019.

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We bring together lawyers of the highest calibre with the technical knowledge, industry experience and regional know-how to provide the incisive advice our clients need.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying it to specific issues or transactions.

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