Simplifications are Needed

After ESMA forwarded the outcome of the various consultations on the specification of the new European Prospectus Regulation, the EU Commission has recently launched a consultation for a draft delegated Regulation. The draft Level 2 Regulation contains details on the format, content as well as scrutiny and approval of the prospectus. Deutsches Aktieninstitut has responded to the consultation and also reminded in its response that the objective of the reform of the EU prospectus regime was to facilitate capital market access. From the point of view of Deutsches Aktieninstitut, there should thus be no more burdens introduced on Level 2, since the new European Prospectus Regulation already contains various new burdens for capital market access.