Prospectus for securities

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Tuairimí a glacadh on 17/02/2010
Reference
ECO/270-EESC
Opinion Type
Referral
Referral
COM(2009) 491 final
Official Journal
OJ C 347 of 18.12.2010 p. 79
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Key points:

 

The EESC:

  • calls for a solution to be found to information asymmetries, to reduce the cost of raising capital and the risk premium, thus increasing competitiveness among European businesses;
  • stresses that the considerable cost saving to be derived by not updating the prospectus so often must not be achieved to the detriment of the quality of the information disclosed – otherwise the initiative would be counterproductive;
  • points out the danger that the need to make the information available to non-expert investors might prevent them being given all the facts they need to choose investments, which inevitably have to include technical details;
  • proposes, therefore, that creation of an "information intermediaries" market be encouraged, separate from the market of more conventional capital and risk intermediaries markets (usually: banks, management companies, brokers specialising in derivatives, etc.), in the light of experience gained in other countries.

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