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Capital Markets Law Journal Advance Access originally published online on June 30, 2007
Capital Markets Law Journal 2007 2(3):263-280; doi:10.1093/cmlj/kmm018
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© The Author (2007). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjourna ls.org

The pan-European retail market—are we there yet?

Lachlan Burn and Boyan Wells*
* Lachlan Burn, Partner, Linklaters LLP, London. Boyan Wells, Partner, Allen & Overy LLP, London.

The first 150 words of the full text of this article appear below.


Key points

  • When the EU Prospectus Directive was introduced in late 2003, there was great optimism that it would finally lead to the long awaited pan-EEA retail capital market.
  • This article asks whether the Directive has achieved this result and looks, in particular, at the disclosure regime relating to the admission of debt securities to EEA-regulated markets and the public offering of such securities in the EEA.
  • A number of impediments to the cross-border retail market, that are completely separate from disclosure, are examined.
  • In conclusion, the article discusses whether, in fact, expectations for the Prospectus Directive in this area were set too high and could never be met and looks at what more needs to be done in order to achieve the goal of a single retail debt market in the EEA.

 


   1. Introduction
 
The EU Prospectus Directive1 (the ‘PD’) was introduced in late 2003 amid a flurry of optimism and . . . [Full Text of this Article]


   2. The Prospectus Directive
 

   3. Different implementation across the EEA
 

   4. Mismatch between law and market practice—Retail cascades
 
(a) Use of programmes
(b) Derogation

   5. Liability
 

   6. Final terms or supplements?
 

   7. Passporting
 

   8. Impact of other laws
 
Unfair contracts
Financial promotion
Advertising regime

   9. Conclusion
 

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