Publication

6 July 2017

Joint proposals on the prospectus regulation level II measures

The co-signing organisations Accountancy Europe, the European Banking Federation (EBF), EuropeanIssuers, the Federation of European Securities Exchanges (FESE), and Invest Europe welcome today’s launch of the ESMA consultation on the level II measures for Prospectus Regulation. We would like to take this opportunity to communicate several guiding principles, which we hope will help improve prospectuses for companies and investors alike:

  • Simplify not complexify – The EU Growth Prospectus should be designed so that it truly enables companies wanting to enter public capital markets.
  • Ensure alignment with existing rules & avoid duplication – Clear rules are more likely to lead to clear reporting, thus ensuring that investors receive comprehensive and consistent information.
  • Further promote incorporation by reference and lighter prospectuses – In the paper we include a three tiers model to prioritise the disclosure of information.
  • Focus on relevant and material information for investors.
  • Keep it flexible – Flexibility is key to avoid duplication of information and make prospectuses more comprehensible.
  • Foster supervisory convergence – This is essential to avoid regulatory arbitrage, harmonise practices and ensure an efficient approval process.
  • Take advantage of digitalisation – New tech solutions could ease disclosure of information while ensuring it is useful for investors

Related content

EventEarly Warning Europe SME summit

30 September 2021

EventESEF in Practice

7 July 2021

EventSustainable financing 101 – State of play and next steps

24 June 2021

EventRoad to digital: How to support SMEs

16 June 2021

BlogSustainability risk management for SMEs: inaction is not an option

14 June 2021

UpdateSME Update

14 June 2021

NewsJoint statement on sustainable corporate governance

8 June 2021

Consultation responseFeedback statement: EU Taxonomy Article 8 Delegated act

3 June 2021

Stories from PracticeDigitalising the accountancy profession: what role for young professionals?

31 May 2021

Publication3-step sustainability assessment for SMEs

12 May 2021

EventCorporate Sustainability Reporting Directive: Roadmap to implementation

12 May 2021

PublicationAccountants – REACT now and help SMEs adapt to new VAT e-commerce rules

6 May 2021

EventFrom risks to resilience: benefits of intellectual property for your business

4 May 2021

EventWorking Together for the planet: Audit & Assurance of sustainability Information

29 April 2021

NewsAccountancy Europe: Future-proofing tax to make it green, digital and fair

26 April 2021

UpdateSME Update

22 April 2021

EventFuture-proofing tax: make it green, digital, fair

15 April 2021

PublicationAudit exemption thresholds in Europe

9 April 2021

PublicationRoad to digital: what are the obstacles for SMEs and SMPs?

8 April 2021

NewsAccountancy Europe supports new EU plan to improve SMEs’ access to finance

26 March 2021

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?