The Exchange has responded to the European Commission's Call for Evidence regarding private placement regimes in the EU.
Our main concern is that any regime should not impinge on securities markets which are already functioning efficiently under the Prospectus Directive. If there is a market failure with respect to other instruments (such as open-ended funds), then we feel this could be addressed separately and specifically – and any new rule for certain types of investment funds should be designed so as not to impinge on the regulation of offers of more general securities which is well established, understood and recognised by market participants.