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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 27 January 2022

The ‘Public Offering of Securities’ Concept in the New Prospectus Directive

The ‘Public Offering of Securities’ Concept in the New Prospectus Directive

Chapter:
(p.339) 12 The ‘Public Offering of Securities’ Concept in the New Prospectus Directive
Source:
Investor Protection in Europe
Author(s):

Alain Pietrancosta

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199202911.003.0012

An important method of financing corporations — the ‘public offering of securities’ — has for some time also been a key concept in capital markets law. However, the European capital markets regulation did not dignify the concept with a substantive definition. The gap has been closed by Prospectus Directive 2003/71/EC of 4 November 2003, with important practical and theoretical implications in terms of financial markets harmonization, investors' protection and corporate law. Unfortunately, a number of questions remain with respect to the precise contours of the definition of ‘public offering of securities’.

Keywords:   public offering of securities, mutual recognition, offer to the public, Rule 144A, restricted securities, offering exceptions

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