EC’s Prospectus Directive final terms amendments welcomed

Author: | Published: 16 Apr 2012

The EC’s decision to differ from Esma’s technical advice on certain elements of final terms and summaries has been largely welcomed by European lawyers.
The EC released the first part of its draft regulation to amend the Prospectus Regulation on April 2, which focused on final terms and summaries. 
While the EC largely implemented Esma’s technical advice, it did differ in some key areas. 
Firstly, non-applicable items in final terms do not need to be deleted, and can simply appear in the final terms marked as "not applicable".
Ruari Ewing, director of primary markets at the International Capital Market Association (ICMA), said the change is very valuable.
"When working from one issuance from another, the fact that they can see differences between them without having to go back and look for negatives is important," said Ewing. 
"For back...