Some European debt documents are not valid. Issuers are using final terms provisions to issue securities that are entirely different from those described in the base prospectus.
Recent guidance from Cesr (the Committee of European Securities Regulators) has helped, but there are still grey areas.
At IFLR's Capital Markets Forum on Monday, a panel discussion on accessing retail investors in the wake of the Prospectus Directive highlighted worrying gaps in offering documents.
"There is a lack of clarity in the Directive about what can...