THE EUROPEAN Commission has significantly watered down its proposed

directive on prospectuses following intense lobbying by the financial services industry, the European Parliament and some Member States including Britain. The main change announced today (Friday) is to exempt small and medium-sized companies from the obligation to publish a draft prospectus if their public offering is Euro 2.5 million (Pounds 1.55 million) or less.

Where a SME issues a larger public prospectus is required for larger amounts, they would have to ...

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