Equity capital markets

Although much of the landscape of the new prospectus regime will be familiar to issuers of equity securities, there are changes that issuers will need to be aware of, both when considering whether a prospectus is required and when drafting prospectuses. We cover the key changes in our briefing paper. 

Our briefing paper covers:

• The new “necessary information” test
• Risk factor disclosure under the new regime
• The new prospectus summary
• The advertisement regime
• The simplified disclosure regime for secondary issuances
• Exemptions from the requirement to produce a prospectus
• Profit forecast disclosure under the new regime

Mainstream debt capital markets

The new prospectus regime rules governing debt prospectuses will be broadly recognisable to DCM practitioners as replicating many of the aspects of the current prospectus regime that they are most familiar with.   

Our briefing paper covers:

• The general disclosure test
• Risk factor disclosure under the new regime
• The advertisement regime
• Alleviated treatment for wholesale issuances
• Exemptions from the requirement to produce a prospectus

Contacts: Ben Dulieu, Neil Dixon, Elaine Keats, Richard Levy, Richard O'Callaghan, Keith Thomson, Carson Welsh, Catherine Wade, Kym Bavcevich-Ikeda, Siân Sanford