CBI: how to improve PD disclosure regime

Author: | Published: 27 Sep 2012

Central Bank of Ireland’s 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 Training’s Prospectus Directive Conference this week, Murphy said the PD had created a more reliable issuance...