Welcomes aim of facilitating approval process for frequent issuers.
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Published: 6 June 2016
The European Savings and Retail Banking Group (ESBG) welcomes the European Commission's proposal for a Prospectus Regulation in order to review the existing EU prospectus regime. ESBG supports the proposal's objective of reducing the burden on issuers while safeguarding a high level of investor protection and considers the proposal to be an important step towards the Capital Markets Union (CMU).
ESBG especially welcomes the aim of facilitating the approval process for frequent issuers. However, further work might be needed in respect of other issues, such as the alignment with the PRIIPs regulation. In addition, there are other parts where the proposal is on the right track, but could be more ambitious. This concerns especially the universal registration document regime, introduced by Article 9 of the proposal. ESBG strongly supports the concept, but does not believe that the approach goes far enough to be of much use.