The new Prospectus Regulations, effective today: what you need to know : and how we can help

02/10/2019

The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 – what it means and how we can help

Hot on the heels of the new ‘Prospectus Regulation (EU) 2017/1129’ which replaces the previous Prospectus Directive, an amendment has been passed in case of a 'hard' (no deal) Brexit. Chief among its effects are to:

• transfer the Prospectus supervisory functions of the European Securities and Markets Authority (ESMA) to the FCA;
• require UK issuers to use UK-adopted IFRS for historical financial information, and non-UK issuers to use either UK-adopted IFRS or the accounting standards of another country for which an equivalence decision has been made; and
• require EU issuers, post-Brexit, to secure separate FCA approval for a prospectus, even when it has already been approved by an EU national competent authority.

What is the cumulative effect of these changes and how can we help?

Both the new Prospectus Regulations passed in July and this new Amendment are likely to put an increasing importance on the speed and precision with which Prospectuses are typeset and produced, so choosing the right vendor is critical. Wholesale changes to the financials in the adoption of IFRS may be needed, and clarity of presentation, new limits on the pagination of the Prospectus Summary, and speed to market via availability of the final ‘clean’ PDF on the appropriate websites all place a greater importance on your printer’s ability to provide a fast, accurate service and a well-designed and accessibly typeset Prospectus. Ensuring prompt production of blacklined, strikethrough and comparisons files during the process, and which are quickly produced and guaranteed Listing Authority-compliant, is also critical.

With the largest in-house typesetting team in Europe, working around the clock at our London EC2 offices; unrivalled experience on the largest and most complex Capital Markets & M&A projects; and as the only financial printer independently accredited as providing World Class Service by the Institute of Customer Service, Black&Callow is in a unique position to help you meet these regulations.

For more information about how we can help, please contact us on 020 3794 1720 or email london@blackandcallow.com

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