Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading. The Prospectus Directive was repealed on 21 July 2019 by the Prospectus Regulation (EU) 2017/1129. The review of the Prospectus Directive had been identified as a key strategic priority for the European Commission in its action plan on building a Capital Markets Union (see Practice note, Capital markets union (CMU): overview).

The Prospectus Directive was a framework directive made under the Financial Services Action Plan. It provided for a single regime throughout the EU governing the requirement for a prospectus and its content, format, approval and publication.

The Prospectus Directive came into force on 31 December 2003 and had to be implemented in member states by 1 July 2005. It was implemented in the UK through the Prospectus Regulations 2005 (SI 2005/1433) (which amended the Financial Services and Markets Act 2000 and revoked the POS Regulations) and certain other legislation and amendments to the FCA Handbook (in particular the introduction of the Prospectus Rules).

For further details on the Prospectus Directive, see Practice note, Prospectus Directive: overview.