EU prospectus regulation

Pierre Schammo

Chapter 2 in Research Handbook on EU Securities Law, 2025, pp 87-109 from Edward Elgar Publishing

Abstract: The aim of this chapter is to reflect on prospectus regulation in the EU and in this process to revisit some of the classic debates in this field, including on the merit of mandatory disclosure or on the role of enforcement. One recurring theme of this chapter is that to properly appreciate the role of disclosure and prospectus enforcement in an EU context, one must account for the EU's market integration objective. Based on this finding, this chapter offers some alternative readings of the need for mandatory disclosure and different enforcement strategies in an EU context. The chapter concludes by revisiting the debate around the centralisation of supervisory tasks. Rather than depriving national competent authorities of their existing supervisory competence – in the form of the prior approval of prospectuses – this chapter argues in favour of a more inclusive system which extends competence to the European Securities and Markets Authority without abandoning national competence.

Keywords: Prospectus regulation; Mandatory disclosure; Enforcement; Securities regulation (search for similar items in EconPapers)
Date: 2025
ISBN: 9781800376038
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