Commission proposes simplification for securities offerings

The EU Commission has proposed that four EU directives and four amending directives relating to the listing of securities should be codified into a single directive. Simplifying the legislative framework for offerings of securities and listing has been identified in the EU Financial Services Action Plan as being central to the growth of cross-border investment business within the EU. The directives that would be consolidated are Council Directives 79/279, 80/390 and 82/121 on the admission of securities to official stock exchange listing and Council Directive 88/627 on the information to be published when a major holding in a listed company is acquired or disposed of.