Legislative Proposal on the Use of Options within the EU Prospectus Regulation and on the Adaptation of Financial Markets Legislation (in German)

In its letter to the German Federal Ministry for Finance (BMF), Deutsches Aktieninstitut recommends to refrain from introducing any national restrictions to the prospectus exceptions provided under the new European Prospectus Regulation. The legislative proposal of the BMF foresees a liability-relevant securities information sheet in the context of a EU prospectus exception that is designed to facilitate market access for SMEs. From the point of view of Deutsches Aktieninstitut, this securities information sheet neither enhances investor protection nor facilitates capital markets access, especially not for SMEs. Furthermore, Deutsches Aktieninstitut proposes a prospectus exception for smaller issuances with an issuing price of less than eight instead of five million euros. This prospectus exception would provide better access to capital markets for smaller companies and would be important considering the new obstacles introduced by the EU Prospectus Regulation.