The 2019 Act \u00a0amends the Companies Act 2014 to update the definitions of \u2018EU Prospectus Law\u2019, \u2018Irish Prospectus Law\u2019, \u2018Prospectus Regulation\u2019 and \u2018local offer\u2019 to refer to the new Regulation (EU) 2017\/1129, Irish domestic regulations as amended and the increase in the local offer threshold to \u20ac8 million.<\/p>\n
These changes reflect the change in legislative basis from the previous Directive 2003\/71\/EC to the new Regulation (EU) 2017\/1129. This section also provides for a number of consequential amendments to other definitions arising from the updated definitions to \u2018EU Prospectus Law\u2019, \u2018Irish Prospectus Law\u2019 and \u2018Prospectus Regulation\u2019.<\/p>\n
Article 11 requires Member States to ensure that no civil liability shall attach to any person solely on the basis of the summary or the specific summary of an EU Growth prospectus including any translation thereof unless it is misleading or omits key information.<\/p>\n
A category 3 offence applies to the offeror of a local offer if they are found to be in breach of the local offer requirements.<\/p>\n
There are additional local offer requirements for a category 3 offence to be applied in the event of a breach of these additional requirements. The additional requirements are based on recommendations made by the Central Bank of Ireland as the competent authority for the purposes of the prospectus regulations.<\/p>\n
The prospectus that are approved before 21 July 2019 will not become subject to Regulation (EU) 2017\/1129 until the earlier of 21 July 2020 or the end of the validity of the prospectus itself.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
EU Prospectus The law on prospectuses and public offerings of shares was radically reformed in 2005.\u00a0 This followed EU-based initiatives in the areas of shares and securities.\u00a0 There is no comprehensive set of regulations and directives governing the market in securities. The Prospectus Directive applies to the issue of securities to the public.\u00a0 In this […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[133],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10099"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=10099"}],"version-history":[{"count":5,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10099\/revisions"}],"predecessor-version":[{"id":32550,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10099\/revisions\/32550"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=10099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=10099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=10099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}