Reaction Paper to Percentage Delegated Rules (Eu) Simply no 486/2012 of 30. three or more. 2012 Amending Regulation (Ec) No 809/2004

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 Reaction Daily news to Commission rate Delegated Legislation Eu Simply no 4862012 of 30. a few. 2012 Amending Regulation Ec No 8092004

TomГЎЕЎ Vakrman 40. 11. 2012, Praha By July 2012, European Economical Area Member States had been required to put into action new rules regarding prospectus regime. The changes were introduced in the Percentage Delegated Rules (EU) Simply no 486/2012 of 30. 3. 2012 amending Regulation (EC) No 809/2004. The document presented alternatively evolutionary than revolutionary adjustments, however , a few parts will have a significant effects in practice. The Amending Savoir applies to many the issues with few conditions: п‚· п‚· securities offerings with total consideration listed below EUR 5m (increased by 2 . 5m) offers the place that the securities are non-equity securities issued in continuous or repeated method by credit institutions in which the total consideration is less than EUR 75m (increased from EUR 50m)

Even so, the main focus should be on the instances where the enquete applies. There are several fields where Amending Enquete is trying to tackle the shortfalls with the original file. Namely we could categorize the alterations into a few categories. Firstly, it changes the rules of when it is obligatory to publish a Prospectus. Secondly, it brings about new rules regarding form and content of a Prospectus. Finally, there are other areas of the regulation that does not get caught in any of mentioned before categories. Other than of the previously mentioned examples which is why the Prospectus Directive is usually not valid, there are several exemptions from the Enquete presented in the amendments. Probably, the most important exemption applies around the issues resolved solely to qualified investors, where the definition of qualified buyer was corrected to match the MiFID explanations. Such harmonization is a welcome modification mainly because it would allow the investment firms to use existing list of traders. The exemption from publishing the prospectus also does apply on offerings to restricted number of investors(less than one hundred and fifty investors, besides qualified, every member state); the small presents where the total...

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