Esma dismisses Prospectus Directive criticism

Issuers say investors will not benefit from amendments to the EC's Prospectus Directive, but Esma maintains the new requirements serve a purpose

Six months after its implementation by European Union member states, market participants say the latest amendment to the European Commission's Prospectus Directive (PD) will lead to higher costs and less innovation, but the European Securities and Markets Authority (Esma) appears unmoved by the criticism.

Issuers and industry representatives say investors will not benefit from the additional information to be included in the base prospectus because they place little reliance on that document or