Retail cascading in Germany a model for a revision of the PD? |
| |
| Authors: | Schneider Hannes; Haag Hendrik |
| |
| Institution: | * Hannes Schneider, Partner; Hendrik Haag, Partner, Hengeler Mueller, Frankfurt am Main. |
| |
| Abstract: | The first 150 words of the full text of this article appear below. Key points- The EU Prospectus Directive (the ‘PD’),as implemented in several EEA member states, including the UnitedKingdom, and the Regulation accompanying the PD (the ‘Regulation’)render difficult or even inhibit public offers of debt securitiesto retail investors.
- Market participants and their advisors,trade associations such as the International Capital MarketAssociation (‘ICMA’), as well as the United KingdomListing Authority (‘UKLA’) and the Committee ofEuropean Securities Regulators (‘CESR’) have beendealing with the issues. UKLA and ICMA have come forward byproposing a solution regarding the information requirementsof Annex V.5 of the Regulation. The proposal is to utilize Article23.4 of the Regulation allowing information required by theRegulation to be omitted if the information is not pertinentto the offer. CESR may take a wider approach. It has indicatedits willingness to assess whether further Level 2 work is appropriateand legislative action will . . . Full Text of this Article]
|
1. Introduction
|
2. The regime preceding the PD: the Public Offer Directive
|
3. The Prospectus Directive
|
4. Retail cascades in Germany
| The legislative history of Section 3 (1) WpPG Non-conforming transposition? Discussion Validity of prospectus, supplements to the prospectus and publication of inside information Prospectus liability Annex V.5 of the Regulation Debt issuance programmes in particular
5. A model for a revision of the PD?
|
| |
| Keywords: | |
| 本文献已被 Oxford 等数据库收录！ |
|
