The EESC firmly supports the current proposal. It appreciates the greater legal clarity that the form of a regulation rather than a directive brings.
The principle of making the prospectus more reader-friendly and targeted to the specific situation of the issuer has the double advantage of reducing costs and increasing the relevance of the prospectus.
The EESC also sees the possibility for all prospectuses in the EU to be accessible in a common user-friendly and accessible database.
Reducing the administrative burden of drawing up prospectus for all issuers, in particular for SMEs, frequent issuers of securities and secondary issuances merits the EESC's support.
It is necessary for all the stakeholders to be closely involved in the process of producing the level 2 legislation and an in-depth, qualitative impact assessment to be performed two years after the Regulation enters into application. The EESC is particularly interested in participating actively in these consultations.
The EESC urges the Commission to clarify some unclear issues in particular as regards the margin of discretion left to the Member States.