On 17 June 2010, the European Union (“EU”) Parliament passed a resolution (the “Resolution”)1 adopting the proposal by the EU Commission (“Commission”) for amendments to the Prospectus Directive (2003/71/EC) (“PD”),2 with certain modifications.

The Commission had conducted a public consultation on a review of the PD in early 20093 further to which it published on 24 September 2009 a proposed directive amending the PD.4

The aim of the review and the amendments is to simplify and improve the application of the PD, lessening the disclosure requirements, providing clearer exemptions and ensuring that adequate information is provided to meet the needs of retail investors in particular.

The following is a summary of the key amendments adopted by the EU Parliament.