Prospectus disclosure: core principles and the example of equity prospectuses

The chapter analyses the disclosure of equity prospectuses. More specifically, after reviewing the current regulatory framework and its objectives, the chapter discusses the limitations of the current prospectus regime, highlighting the fact that not all of the objectives that the Prospectus Regulation sets out have actually been achieved. The chapter then reviews the changes set forth by the Listing Act Regulation as well as the ones brought about by the UK reform to the equity prospectus. Finally, the chapter focuses on the possible inclusion (and especially how this should be done) of the Prospectus Regulation in the European Capital Markets Code (ECMC), both in its general and specific parts.