FESE fully supports the European Commission’s Capital Markets Union (CMU) project, and its goal to strengthen the European economy and ensure easier access to markets for all companies, including growth companies which are the backbone and engine of the economy.

The revision of the prospectus rules is a first step to reduce costs and burdens for companies whilst improving their access to funding, increasing information and financing choices for investors, and delivering more efficient European capital markets overall.

The Level II measures will, in this respect, play a key role in shaping the final prospectus rules, hopefully ensuring a major relief for companies looking for funding on capital markets while making disclosed information more useful for investors. In order for this review to have the intended effect, it is crucial that the regulatory framework allows producing prospectuses that are as accessible and digestible as possible for the investor. If the prospectus is too long and difficult to read, understand and analyse, it will simply not be a useful document.

The FESE Response to the ESMA Consultation Paper on Format and Content of the Prospectus is available here.

The FESE Response to the ESMA Consultation Paper on EU Growth Prospectus is available here.

The FESE Response to the ESMA Consultation Paper on Scrutiny and Approval of the Prospectus is available here.