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On 30 June 2017 the new prospectus regulation (Regulation EU 2017/1129) was published in the Official Journal of the European Union (the “New Prospectus Regulation”). This is a key part of the European Union’s capital markets union project, which aims to facilitate access to the European capital markets and increase their depth and liquidity. The European Commission hopes that the New Prospectus Regulation will simplify the current EU prospectus regime, reduce administrative burdens and increase efficiency. It is the most significant legislative development in the EU public debt capital markets since the original prospectus directive entered into force in 2005.
In this briefing we consider the key changes proposed and issues raised by the New Prospectus Regulation for participants in the debt capital markets. We also consider the impact that Brexit will have on these issues and the debt capital markets more broadly.