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New prospectus regulation - quick guide

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Summary: The Prospectus Regulation has been published in the Official Journal. Most of the provisions will apply from 21 July 2019 but one set of measures come into force on 20 July 2017.

These relate to the exemptions available to issuers from the obligation to publish a prospectus when their securities are to be admitted to trading on a regulated market and:

  • increase the threshold, over a 12 month period, for further issues of securities (not just shares) from ‘less than 10%’ to ‘less than 20%’ of the number of securities already admitted to trading on the same regulated market before an issuer would be required to publish a prospectus; and
  • limit the existing exemption for shares resulting from the conversion or exchange of other securities, over a 12 month period, to less than 20% of the number of shares of the same class already admitted to trading on the same regulated market before an issuer would be required to publish a prospectus. This measure is more restrictive but will not apply where:
    • a prospectus has already been drawn up for the securities ‘giving access to’ the shares to be admitted to trading; or
    • the securities ‘giving access to’ the shares to be admitted to trading were in issue before 20 July 2017.

View the full BLP Prospectus regulation quick client guide.

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