Prospectus prospects
The European Union's Prospectus Directive is meant to provide a single regulatory framework for structured products across Europe. Some dealers believe it is already having a positive effect on the Italian market. Others remain cynical. By John Ferry
The European Union's Prospectus Directive rules are now officially in force. The rules, which are meant to create a single pan-European market for financial products, became mandatory as of July 1. For issuers of derivatives-based structured products, the directive is a big deal. Its main role is to standardise the information issuers have to disclose to investors through the prospectus, but the rules also introduce a new 'single passport' rule for issuing securities.
This provision allows
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