COREPER has approved the European Commission's November 2015 proposal to overhaul the Prospectus Directive in order to improve access to finance for companies and simplify information for investors. In order to alleviate the burden on small issuers, the Commission proposes to raise the threshold for the mandatory prospectus from €5 million to €10 million. This would allow smaller sums to be raised without a prospectus. There will be no fragmentation in the internal market: small issuers that wish to raise capital in several EU Member States can still opt in to the EU prospectus. The Commission's proposal also contains a tailor-made prospectus for small and medium-sized issuers as well as a simplified prospectus for issuers that frequently tap into capital markets. Frequent issuers will be able to use an annual Universal Registration Document (URD), a "shelf registration" containing all the necessary information on the company that wants to list shares or issue debt and which will benefit from significantly reduced approval times (five days maximum).