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Regulatory News Alert - Prospectus and Transparency


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Amended Luxembourg Prospectus and Transparency regime

The Law of 3 July 2012 implementing Directive 2010/73/UE modifying Prospectus Directive and Transparency Directive is now in force.

New opportunities of public offering and listing

This Law, amending the Law of 10 July 2005 on the prospectus and the Law of 11 January 2008 on transparency, brings new opportunities for public offering and listing since it reduces administrative burdens for both issuers and intermediaries, whilst improving legal clarity and efficiency in the prospectus regime.

Improvement of investor protection

The new Law also enhances the level of investor protection and ensures that the information provided is adequate to cover the needs of retail investors.

This has an immediate impact on the transparency requirements applicable to issuers that have issued debt securities whose denomination per unit is less than 100,000 EUR after 30 December 2012 or are planning to do so.

Certain provisions apply as from 1 July 2012, some others as from 5 July 2012 (date of publication in Memorial).

To access our flyer detailing the key changes introduced by the new Law, please click here.

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