The Prospectus Directive

The Prospectus Regulations 2005, implementing the EU Prospectus Directive 2003/71/EC, were made on 26 May 2005 by Lord Commissioners Vernon Coaker and Joan Ryan. The Statutory Instrument (No. 1433) was laid before Parliament on 27 May 2005.

The Prospectus Directive (PD) sets out the initial disclosure obligations for issuers of securities that are offered to the public or admitted to trading on a regulated market in the EU. It provides a passport for issuers that enables them to raise capital across the EU on the basis of a single prospectus.

A copy of the Regulations and the Schedules containing the associated amendments to related legislation can be found at the links below. The Final Regulatory Impact Assessment and the Explanatory Memorandum are also available at the links below.

The non-confidential responses received by the Treasury to the consultation exercise, as well as the Feedback Statement, are also now available below. The Treasury would like to thank all those consultees for their time and valuable comments.

The PDF files available below are in Adobe Acrobat Portable Document Format (PDF). Adobe Acrobat software can be downloaded free of charge from the Adobe website. For help alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

Feedback Statement to Prospectus Directive Consultation Document

Feedback statement to PD (PDF, 131KB)

Prospectus Directive consultation responses

External Links

European Union Commission’ webpage on Prospectus Directives

European Union Financial Services index