European Securities Law Update: Prospectus Regulation

In our latest European Securities Law Update and following the recent publication of the ESMA final report of technical advice issued on 3 April 2018 we provide a high-level synopsis of the recent Prospectus Regulation, its implementation in Ireland and its applicability as regards Irish SPVs operating in the debt capital markets (“DCM”) space.

Timing and Implementation
Regulation (EU) 2017/1129 (the “New Regulation”) entered into force in Ireland on 20 July 2017. The New Regulation will take effect from 21 July 2019, save for a handful of specific provisions as outlined below.

The New Regulation forms part of the EU’s Capital Markets Union initiative which aims to ensure investor protection and market efficiency, while enhancing the internal market for capital.

The New Regulation will replace and repeal the existing Prospectus Directive regime and related measures (the “Old Regime”). The new rules are introduced by directly effective European regulation in order to eliminate regulatory arbitrage at Member State level and to ensure consistency and certainty of application.

 

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IRELAND
Garry FergusonManaging PartnerT +353 1 470 6659garry.ferguson@walkersglobal.com
Matt HediganPartnerT +353 1 470 6688matt.hedigan@walkersglobal.com
Noeleen RuddyPartnerT +353 1 470 6650noeleen.ruddy@walkersglobal.com
Andrew TraynorPartnerT +353 1 470 6632andrew.traynor@walkersglobal.com
Ailís GarveyOf CounselT +353 1 470 6667ailis.garvey@walkersglobal.com
Ian McNameeOf CounselT +353 1 470 6643ian.mcnamee@walkersglobal.com
Therese RedmondHead of Listing ServicesT +353 1 470 6645 therese.redmond@walkersglobal.com
Ken FoleySenior Listing ExecutiveT +353 1 470 6672ken.foley@walkersglobal.com