CESR has responded to the Commission’s consultation on a review of the Prospectus Directive. CESR welcomes the review and in particular the plan to include MiFID professional clients and ECPs within the scope of the PD “qualified investor”. However, it notes a few inconsistencies of definitions between MiFID and the PD the Commission should address. CESR also thinks maybe the register of qualified investors serves no useful purpose. On the retail cascade issue, it does not think the Commission’s plan to delete some working from Article 3 will solve the problem.