On the 11 October the EU Council adopted a directive to amend the Prospectus Directive (2003/71/EC). Publication of the amending directive in the Official Journal is still pending, and the changes will have to be implemented in the national legislation of each member state within 18 months of the 20th day following such publication. The directive is aimed at simplifying rules on prospectuses for securities and on information about the issuers of transferable securities on financial markets whilst at the same time upgrading investor protection. Existing rules allow for a prospectus approved by the competent authority in one member state to be valid for public offers and the admission to trading of the relevant securities within the entire EU. They have had a favourable impact on the quality of information made available to investors, and the Commission's assessment, five years after entry into force of those rules, is positive. The Commission's review also reveals some deficiencies and the new directive sets out to improve legal authority and reduce the burdens imposed on issuers and intermediaries. In a funds context, the prospectus Directive is only relevant to closed ended listed funds.