Legal Alerts/5 Jul 2012

Legal Alert – Regulation on Prospectuses has Changed as from 1 July 2012

Regulation on prospectuses has changed as from 1 July 2012. The most essential amendments are increasing the limit of the obligation to provide a prospectus to EUR 1.5 million and widening the exemptions from the provision of prospectuses for example in employer prospectuses.

The regulation on prospectuses in Finland is based on the European-wide regulation which has been used to harmonise the requirements for the provision and contents of prospectuses in the EEA. In addition, there is national regulation on prospectuses in Finland concerning the prospectuses which are not covered by the EU regulation due to their size in euros. The Prospectus Directive and the Prospectus Regulation of the Union has changed as from 1 July 2012. The original aim was to implement the amendments in legislation required by the Prospectus Directive by the new Securities Markets Act but it will be postponed until the autumn. Thus, the Prospectus Directive is implemented by amending the decrees of the Ministry of Finance on prospectuses and these decrees shall be in force only until the implementation of the new Securities Markets Act.

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