AIC has responded to Treasury's consultation on early implementation of parts of the Prospectus Directive amendments. It had no comment on the quantitative benefits of the increase in the number of persons to whom an exempt offer can be made. It strongly supported the increase to 150 persons, and the increase in the total consideration of an offer below which a prospectus is not required to €5 million, and is pleased the Treasury plans to introduce these changes a year early. (Source: AIC backs early PD implementation)