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.