It should be made mandatory that each investor would be handed a prospectus in the language of the relevant Member State at the emission of securities. This was one of the requests of the Chamber of Labour during the revision of the Prospectus Directive. In the adopted text, however, one will look for such provisions in vain. The central information about the investment will provide a summary of the prospectus. This will include all details concerning features and risks, which are relevant for all issuers and securities, which are admitted to dealings on a regulated stock exchange. In addition, the introductory remarks on the Prospectus Directive state that the Member States have to make sure that nobody is only liable for the summary of the prospectus. A financial intermediary has to assume liability if he includes incorrect information in the prospectus. There will be no obligation to prepare prospectuses for staff share schemes. The MEPs also did not deal with the demand to make capital market prospectuses available on a central and generally accessible homepage.

The European People's Party, the Social Democrats, the Liberals and the European Conservatives voted in favour of the so amended Directive. The report was rejected by the United European Left and by parts of the Europe of Freedom and Democracy (EFD) Group in the European Parliament. The Greens and other parts of the Europe of Freedom and Democracy (EFD) Group in the European Parliament abstained. Most Austrian MEPs also voted in favour of the report. Only the Greens and the Austrian Freedom Party (FPÖ) abstained.

The text, which the European Parliament has voted on, does to a large extent not meet the demands of the Chamber of Labour. One can only hope that the Council will take the central concerns of small investors into account.

Further information:

AK Position Paper on the proposal of the EU Commission on the amendment of the Prospectus Directive of 24.9.2009