Issuers who passport securities from a country of the
European Economic Area (EEA) into Germany or vice versa will
profit from the improvements made to the revised Prospectus
Directive both with regard to the country in which the
prospectus is approved and the country into which the
prospectus is passported.
The improvements will have a multiplying effect on
cross-border issuances and respond well to the increasing need
of issuers to find a wide investor base under current market
conditions. Overall, the amendments to the Prospectus Directive
appear to be in line with the 2007 statement of the European
Council to reduce burdens on companies by 25% by the year 2012
in order to increase the competitiveness of the EEA.
Issuers will benefit from the removal of legal uncertainties
and unjustified burdensome requirements. For example, one major
improvement will be that there is no longer a danger that an