Consultation on Draft Regulatory Technical Standards (RTS) under the New Prospectus Regulation
In its response to the consultation on draft RTS, concretizing the new European Prospectus Regulation in more detail, Deutsches Aktieninstitut stresses the importance of more flexibility in drawing up prospectuses. For instance, Deutsches Aktieninstitut opposes to a fixed number of KFI (Key Financial Information) and APMs (Alternative Performance Measures) in the prospectus summary. Such a restriction is neither necessary nor useful. The 7-page limit foreseen for the summary by the new Prospectus Regulation is a very stringent requirement. This requirement suffices to ensure that summaries remain short, useful and user-friendly because there is not enough space to include unnecessary information.