The revised Prospectus Regulation (the "Regulation") that includes provisions on the content of the base prospectus and specifies the information to be included in the final terms at the time of issue entered into force on 1 July 2012. Changes brought about by the Regulation include:
- The final terms may not amend or replace the information in the base prospectus. If information needs amending or replacing, a supplement or new prospectus must be approved. The new rules do not apply to those prospectuses and base prospectuses approved prior to 1 July 2012.
- New rules on the prospectus summary. This summary must include key information divided into five categories. The categories must be included in a specific order in the summary.
- Advertisements should inform investors when no prospectus is required in accordance with the Prospectus Directive.
- New disclosure obligations are introduced for claim issues. Revised disclosure obligations also apply to small and medium-sized companies, issuers with reduced market capitalisation and credit institutions that issue non-equity securities.