Europe: Prospectus Directive - Commission consultation

The European Commission has published a consultation paper in which it sets out proposals for the reform of the Prospectus Directive 2003/71/EC. One of the proposals being considered is the introduction of an exemption from producing a prospectus for non-listed companies in the context of employee share schemes. Further information about the Prospectus Directive, including a study of its impact on financial markets, is available here.