The Commission Delegated Regulation of 30 March 2012 amending the Prospectus Regulation No 809/2004 comes into force on 1 July 20121. The AMF draws attention to the main provisions of the amended Prospectus Directive No 2010/73/EU and reviews the transposition schedule.
The Autorité des Marchés Financiers (AMF) is today publishing a brief presentation for issuers and investors of the main measures stemming from the review of the Prospectus Directive.
The measures resulting from Delegated Regulations, including new formats for the summary and the base prospectus as well as the proportionate schedules for SMEs, companies with reduced market capitalisation and issues with pre-emptive purchase rights, will come into force on 1 July 2012.
The document also reviews some other provisions that are subject to transposition measures currently in progress at the legislative or regulatory levels. In particular, the recast directive provides for new waivers from the requirement to draw up a prospectus and makes it possible in certain cases to raise the threshold below which an offer of financial securities does not constitute a public offer.
