Debt Issuance from 2020: Themes for the year ahead
The Prospectus Regulation, which repealed and replaced the Prospectus Directive, became fully and directly applicable in all Member States on 21 July 2019. The use of a regulation was intended to ensure a consistent approach across Member States. Present indications are that some progress has been made in this regard, although completion of this objective is yet to be fully achieved.
"New disclosure requirements could surprise the unwary issuer."