| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 68, Pages 1-13 |
| Publication Date | 26/02/2021 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
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Summary: Regulation (EU) 2021/337 - signed by the co-legislators on 16 February 2021 - introducing a number of amendments to Regulation (EU) 2017/1129 and to Directive 2004/109/EC. This is a text with EEA relevance. Further information: Regulation (EU) 2017/1129 lays down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market situated or operating within a Member State. Directive 2004/109/EC requires the publishing og periodic financial information on income throughout the financial year, in addition to continuous information concerning the possession of significant percentages of voting rights. This proposal for this Regulation aimed at the creation of an EU Recovery Prospectus - a type of short-form prospectus - for companies that have a track record in the public market. This temporary prospectus would be easy to produce, read and scrutinise by stakeholders. It would cut down the length of prospectuses from hundreds of pages to just 30 pages. A second set of amendments aims at facilitating fundraising by banks that play an important role in financing the post-pandemic economic recovery. Additionally, considering the constraints on issuers' resources due to the the COVID-19 (coronavirus) pandemic, a Member States should be able to postpone the application of the requirement to prepare and disclose annual financial reports using the single electronic reporting format by one year. The draft was adopted by the Commission on 24 July 2020 as part of the so-called EU Capital Markets Recovery Package. The Council of the European Union adopted its general approach on 16 October. The plenary of the European Parliament adopted a negotiating position on 25 November. An informal agreement between the co-legislators on a compromise text was reached on 9 December. Following its formal endorsement by the European Parliament and the Council of the European Union (15 February 2021), the Act was signed by the co-legislators on 16 February 2021 and published in the Official Journal on 26 February 2021. |
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| Source Link | http://data.europa.eu/eli/reg/2021/337/oj |
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| Subject Categories | Business and Industry, Economic and Financial Affairs |
| Subject Tags | Capital Markets Union [CMU], Financial Services |
| Keywords | COVID-19 (Coronavirus) |
| International Organisations | European Union [EU] |
