prospektusdirektiivi

Prospektusdirektiivi, often referred to in Nordic languages as Prospektusdirektiivi, denotes the European Union framework that historically harmonized the requirements for prospectuses when securities are offered to the public or admitted to trading on EU markets. The directive was established as Directive 2003/71/EC, with subsequent amendments that codified and extended its rules. It set rules on the content, form, and publication of a prospectus, the need for approval by a national competent authority, and the conditions under which a prospectus must be produced. It also created mechanisms to facilitate cross-border offerings while maintaining investor protection.

The directive applied to offers to the public and to the admission of securities to trading on regulated markets within the EU. It aimed to provide investors with essential information in a standardized format, including details about the issuer, the business, the use of proceeds, risk factors, and the issuer’s financial statements, as well as information about the offer itself. Exemptions existed for certain types of offers and investors, and national authorities retained discretion to apply specific conditions in their jurisdictions.

In 2017, the EU adopted Regulation (EU) 2017/1129 to replace the directive’s regime with a single EU prospectus framework. The Regulation created a uniform regime across member states, streamlined procedures, and updated disclosure standards for offers and admissions. It began to apply from 2019, with transitional provisions in place. The Prospectus Directive’s legacy remains evident in the broader shift toward a fully harmonized EU market for securities prospectuses under the Regulation.