The Commission is consulting on possible changes to the Prospectus Directive. It asks whether changes are needed to:  

  • the definition of "qualified investor" to permit regulated firms to include professional clients and eligible counterparties within the scope;
  • the scope of exempt offers (including removing the current €1,000 denomination and how “retail cascades” work);
  • the need for annual disclosure;
  • time limits for exercising the right to withdraw; and
  • some thresholds the Directive sets. 

It asks for comments by 10 March.