The influence of the EU prospectus rules on private law

The information document (prospectus) that must be published before securities are offered to the public is intended to provide interested investors with the information they need to decide whether or not to purchase them. Once the prospectus has been approved by the competent financial regulator, it serves as a European passport. In other words, the securities to which the offer relates may be offered to the public on the basis of the approved prospectus throughout the EU/EEA. The Prospectus Directive was replaced by the Prospectus Regulation, which is directly applicable in all Member States, with effect from 21 July 2019. Like its predecessor, the Prospectus Regulation is primarily regarded as an instrument of EU financial supervision law. In other words, under the Prospectus Regulation the competent financial regulator may enforce information obligations through administrative law in the event of Key points