The European institutions have finally completed their review of the Prospectus Directive regime and have published what are likely to be the final changes market participants will need to comply with from 1 July 2012. MTN and structured note programme issuers (especially those who target retail investors) will bear the brunt of the main controversial and market practice-changing amendments. They are likely to face a somewhat painful process when updating their programme documentation in accordance with the new rules on the contents of Final Terms and summaries at their next update anniversary as the market and the EU's regulators get to grips with the altered landscape. For standalone bond issuers targeting sophisticated investors with their securities, however, the impact will be less significant and this note outlines what those issuers seeking to have prospectuses approved after 1 July 2012 should look out for.
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