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The entry into force of the European Union Prospectus Directive, the European Union’s (EU) decision to require companies to adopt international accounting standards, and the adoption in December 2004 of the Transparency Directive constituted significant milestones in the development of a unified capital market in the EU. The new regulations will soon allow investors to benefit from enhanced and more easily comparable disclosure documents. Issuers will benefit from the passporting regime, which will simplify EU-wide public offerings and allow them to tap into larger liquidity pools.

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