The European Securities Market Expert Group (prettily named: ESME) has published a report on whether the Prospectus Directive has achieved what it set out to do. This was to achieve market efficiency in detailing the publishing of prospectuses when securities are offered to the public or admitted to trading. ESME is a body of practitioners that advise the EC on EU securities directives. The report details ambiguities and deficiencies in the wording of the Directive (e.g., definition of transferable securities, liability for prospectuses, advertisements and marketing materials) and notes the average length of a prospectus has increased since the Directive came into effect. It is safe to assume there will be some amending legislation in due course.
