Has the Prospectus Directive regime permanently damaged European ECM?

Author: Gemma Varriale | Published: 22 Nov 2012

The introduction of Europe’s revised Prospectus Directive has prompted issuers in the region to consider alternative listing venues. But market participants are divided as to whether the market has been permanently damaged.

Europe’s Prospectus Directive regime was this year changed through an amending directive, which gave member states until July 1 to implement the measures.

Many believe the changes have dramatically increased cost, time and uncertainty.

Despite the potential red flags looking to list in an alternative jurisdiction can raise, Melanie Czarra, Mizuho’s managing director and head of primary debt markets, said the pressure not...