Finding the perfect fit
The EU Propectus Directive promises to create a single European financial services market, but can its potential benefits overcome its flaws? Mark Sanders and Sarah Cummins report
The European Commission says that the Prospectus Directive will be key to achieving its aim of creating a single European financial services market, making it is easier and cheaper for companies to raise finance on a pan-European basis. The new rules, expected to be published in November this year and implemented in May 2005, are intended to create a ‘single passport’ for companies making a public offer in the European Union (EU), or seeking admission to trading on a European stock exchange. But will they succeed where previous initiatives have failed?
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