The Commission has published a proposal to simplify the Prospectus Directive. The main changes include:  

  • fewer disclosure requirements for some types of issue;
  • improvements to the format and content of the prospectus summary;  
  • clearer exemptions for retail cascades and employee share schemes;  
  • aligning the definition of "qualified investor" with MiFID's "professional client" category;  
  • making it possible for all non-equity securities issuers to determine their home Member State; and  
  • repealing obligations that overlap with the TOD.