A series of changes to the EU prospectus regime became effective on July 1, 2012, as a result of Directive 2010/73/EU (the “Amending Directive”) which amended Directive 2003/71/EC (the “Prospectus Directive”). At the same time, two delegated regulations by the EU Commission—Regulation (EU) No 486/2012 and Regulation (EU) No 862/2012—became effective, amending Regulation (EC) No 809/2004 (the “Prospectus Regulation”).

Key changes as a result of the amendments to the Prospectus Directive and the Prospectus Regulation relate to:

  • The format and permitted content of “final terms” used with base prospectuses in debt issuance programs;
  • The format of the prospectus summary, as well as the detailed content and specific form of key information required in the summary; and
  • Required consents to use a prospectus in a so-called “retail cascade.”

Taken together, these changes require significant alterations to Prospectus Directive-compliant prospectuses, in particular the base prospectuses for structured note programs widely used by many financial institutions. In addition, the changes have required financial intermediaries and their compliance personnel to design revised procedures to ensure compliance with the new consent requirements in the context of retail cascades.

Please join Mayer Brown Debt Capital Market partners Bernd Bohr (London) and James Taylor (London) for a presentation about how some of the key changes have been implemented in practice by the competent authorities in the United Kingdom (UKLA) and Germany (BaFin).

Thursday, December 13, 2012

5:00 p.m. – 5:30 p.m. CET
4:00 p.m. – 4:30 p.m. GMT

United States
11:00 a.m. – 11:30 a.m. EST
10:00 a.m. – 10:30 a.m. CST
9:00 a.m. – 9:30 a.m. MST
8:00 a.m. – 8:30 a.m. PST

Teleconference Access
Instructions for accessing the program will be sent prior to the event.

For additional information, please contact Emily Kohl at ekohl@mayerbrown.com or +1 312 701 7881.

Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.