An updated draft report on changes to the Prospectus Directive rules has removed the stand-alone liability clause that was worrying banks. But the insistence on scrapping a conventional summary in favour of the Ucits key information document (Kid) is still a concern.
“Two sides of A4 paper might be enough in the regulated Ucits field,” said Lachlan Burn, at Linklaters, "but disclosure of the type you'd need for a typical share or corporate bond would require more than that, if it is to form the basis...