The prospectus regime is being amended throughout Europe and this Alert provides (i) a summary of the key provisions of Directive 2010/73/EU (the “Amending Directive”), which amends the Prospectus Directive 2003/71/EC (the “Prospectus Directive”), and (ii) details of the related recently published delegated amending regulations, which amend the Prospectus Regulation 809/2009 (the “Prospectus Regulation”). Some of these changes have already been implemented in the UK and others will come into force on 1 July 2012.

These changes will modify:

• when the Prospectus Directive does not apply;
• when a prospectus which complies with the Prospectus Directive (a “Prospectus”) must be published;
• requirements in relation to the form and content of a Prospectus; and
• certain other aspects of Prospectus regulation.

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