New Rules for Prospectuses

New rules for prospectuses came into effect on July 1, 2012, introducing significant changes to the European prospectus regime, including:

• Changes to the scope of prospectus regime and the public offer exemptions
• New rules on the form and content of all prospectus summaries
• New rules on the content of final terms and base prospectuses for debt programmes
• New rules on supplementary prospectuses
• A reduced disclosure regime for rights issues and offers by certain issuers

The changes took effect by way of amendments to the Prospectus Regulation, as well as new national law rules implementing the provisions of the PD Amending Directive.