On 18 February 2015, the European Commission published a consultation paper seeking responses to a number of questions concerning the effectiveness of the Prospectus Directive. The objective of the paper is to reform and reshape the current prospectus regime in order for it to better serve and facilitate capital raising with a particular focus on small and medium sized enterprises (SMEs), while having consumer and investor protection in mind.

Below we have provided summaries of the three key themes discussed in the consultation paper along with the particular points on which responses are sought:

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Replies to the online questionnaire will be accepted until 13 May 2015 and can be submitted on this link.

To view the full Consultation Document with the specific questions on which responses are sought please follow this link.

Should you require any further advice or information on the Prospectus Directive, Cleveland & Co, your external in-house counsel, are here to help.