In our latest European Securities Law Update we provide a high-level insight into the Prospectus (Directive 2003/71/EC)(Amendment) Regulations 2018 (S.I. No. 317 of 2018) (the “Amending Regulations”) which were signed into law in August 2018, ushering the second phase of changes under the Prospectus Regulation (Regulation (EU) 2017/1129) (“PD3”) into Irish law (see our previous update here).

Background
PD3 itself replaced and repealed EU Directive 2003/71/EC (the “Prospectus Directive”) and forms part of the EU’s Capital Markets Union initiative, which aims to ensure investor protection and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 Amending Regulations update the existing Irish legal framework set out in the Prospectus (Directive 2003/71/EC) Regulations 2005 (S.I. No. 324 of 2005) (the “Irish Prospectus Regulations”) to reflect the directly effective provisions of PD3 that came into force on 21 July 2018, following the first phase provisions that became directly effective on 20 July 2017. The remaining provisions will come into effect on 21 July 2019.