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Consultation on the Review of the Prospectus Directive


The purpose of the consultation is to gather views on the functioning of the Prospectus Directive and the implementing legislation. The consultation covers a very broad range of issues, for example, the scope of the prospectus requirement and the exemptions thereto, the appropriate level of investor protection, possible ways to reduce administrative burden and costs that seem unnecessary, cross-border issues and the possibility to make the regime more appropriate for small and medium-sized enterprises and companies with reduced market capitalisation.

The Commission would be particularly interested in specific evidence or data substantiating views. The responses will be taken into account in the preparation of a review of the Prospectus Directive and, if and where appropriate, of proposals to amend it.

Target group

All citizens and organisations are welcome to contribute to this consultation. Contributions are particularly sought from companies having prepared a prospectus in the past or considered doing so, law firms or consultancies working in this area, relevant national authorities and business organisations, investor and consumer organisations, and investors who have already used prospectuses for their investment decisions.

How to submit your response

Please note that in order to ensure a fair and transparent consultation process only responses received through the online questionnaire will be taken into account and included in the report summarising the responses.

Reference documents and other related consultations

Contact details

Responsible services:
DG Financial Stability, Financial Services and Capital Markets Union
Unit C3 – Securities markets
Postal address:
European Commission
SPA2 03/079
1049 Brussels

Protection of personal data and privacy statement

Results of consultation and next steps

We have received 181 responses and thank all those who have contributed to this consultation.