The lack of a European private placement regime creates legal uncertainty and materially hinders cross-border business between financial investors. This legal uncertainty also increases the costs of raising money, particularly by inflating legal and advisory fees. In turn, these costs have a negative impact on the returns available to investors. The European Commission is gathering information on the need for and possible design of a European private placement regime. With this call for information, interested parties are invited to express their views and submit relevant evidence related to private placement regimes in EU Member States before 30 June 2007. This consultation will contribute to the Commission's assessment of the need for a European private placement regime scheduled for the end of 2007.