Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the prospectus to be published when securities are offered to the public or admitted to trading

Key points:

• 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.