Central Bank of Irelands market supervision
director, Gareth Murphy, said the lack of post-crisis case law
relating to the Prospectus Directive (PD) could indicate it
sets too low a hurdle for the quality of disclosure.
The PD was introduced in 2005 to create a European
framework for the preparation of prospectuses for public
offering where the securities had to be admitted for trading on
a regulated market.
It aimed to enhance investor protection and improve
the efficiency of the single market by harmonising requirements
to draw up, approve and distribute published prospectuses.
Speaking at Euromoney Legal Trainings Prospectus
Directive Conference this week, Murphy said the PD had created
a more reliable issuance...