The European Commission adopted a legislative proposal for a new Prospectus Regulation which is intended to repeal and replace the Prospectus Directive along with its corresponding implementing measures (including the current Prospectus Regulation). Proposed amendments to be made by the new Regulation include: (i) the introduction of a higher threshold to determine when companies must issue a prospectus to €500,000; (ii)  the introduction of a "lighter prospectus" for SMEs; (iii) the introduction of a new, simplified prospectus for companies that are already listed on the public market that want to raise additional capital by a secondary issuance; (iv) a new prospectus summary, which is closely modelled on the key information document required under the PRIIPS Regulation; (v) the introduction of an annual "universal registration document" (a form of "shelf" registration document), for use by companies that frequently access the capital markets; and (vi) a single access point for all EU prospectuses. It is intended that ESMA will provide free and searchable online access to all prospectuses approved in the EEA.