The London Stock Exchange uses cookies to improve its website. The cookies for analytical purposes have already been set. For more details and how to manage cookies, please see our privacy and cookies policy.

March 2009


Response to the European Commission’s consultation on the review of the Prospectus Directive(Directive 2003/71/EC)

The Exchange has responded to the European Commission’s consultation on the review of the Prospectus Directive (PD). The Exchange welcomes the work undertaken by the Commission to reduce administrative burdens on issuers but thinks a number of improvements could still be made to simplify the application of the PD, particularly for small companies and pre-emptive offers.

Specifically, the Exchange believes that:

  • the threshold for the exemption for offers with a total consideration below €2.5 million is too low (this threshold should be raised to offers with a total consideration up to €10 million at least); the exemptions
  • under Article 4 should be extended to include rights issues, particularly where the issuer is already admitted to a Regulated Market or Multilateral Trading Facility;
  • this exemption should be extended to other pre-emptive offers of securities to existing members, particularly open offers.

In preparing this response, the Exchange has consulted with a significant number of market participants who deal with and advise a range of companies on both AIM and the Main Market.

Downloads

Review of Directive (Directive 2003/71/EC)(pdffile pdf - 66 KB)

The Exchange accepts no responsibility for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds.

You are accessing the London Stock Exchange Annual Report Service powered by PrecisionIR.

The Exchange accepts no responsibility for the content of the reports you are now accessing or for any reliance placed by you or any person on the information contained therein.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds