The influence of the EU prospectus rules on private law

IF 0.9 Q2 LAW

Capital Markets Law Journal Pub Date : 2020-12-13 DOI:10.1093/cmlj/kmaa029

D. Busch

引用次数: 0

Abstract

The information document (prospectus) that must be published before securities are offered to the public is intended to provide interested investors with the information they need to decide whether or not to purchase them. Once the prospectus has been approved by the competent financial regulator, it serves as a European passport. In other words, the securities to which the offer relates may be offered to the public on the basis of the approved prospectus throughout the EU/EEA. The Prospectus Directive was replaced by the Prospectus Regulation, which is directly applicable in all Member States, with effect from 21 July 2019. Like its predecessor, the Prospectus Regulation is primarily regarded as an instrument of EU financial supervision law. In other words, under the Prospectus Regulation the competent financial regulator may enforce information obligations through administrative law in the event of Key points

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欧盟招股章程规则对私法的影响

在向公众提供证券之前必须公布的信息文件（招股说明书）旨在向感兴趣的投资者提供他们决定是否购买证券所需的信息。一旦招股说明书获得主管金融监管机构的批准，它就可以作为欧洲护照。换言之，与要约相关的证券可以在整个欧盟/欧洲经济区批准的招股说明书的基础上向公众发行。《招股说明书指令》被《招股说明书条例》取代，该条例直接适用于所有成员国，自2019年7月21日起生效。与其前身一样，《招股说明书条例》主要被视为欧盟金融监管法的一项工具。换言之，根据《招股说明书条例》，主管金融监管机构可以在出现关键点时通过行政法强制执行信息义务

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Capital Markets Law Journal LAW-

CiteScore

1.30

自引率

0.00%

发文量

期刊介绍： This journal is essential for all serious capital markets practitioners and for academics with an interest in this growing field around the World. It is the first periodical to focus entirely on aspects related to capital markets for lawyers and covers all of the fields within this practice area: Debt; Derivatives; Equity; High Yield Products; Securitisation; and Repackaging. With an international perspective, each issue covers articles and news relevant to the financial centres in the US, Europe and Asia. The journal provides a mix of thoughtful and in-depth consideration of the law and practice of capital markets through analytical articles on topical issues written by leading practitioners and academics in the international arena. There are also articles on matters of best practice and opinion on legal and practice developments from around the world. In particular the journal offers: • Unique specialist coverage of international capital markets practice • High level of analysis for experienced lawyers and academics • Team of internationally respected editors from leading centres in the US, Europe and Asia • Quality of articles assured through peer review system.