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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

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

Alain Pietrancosta

Oxford University Press

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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