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Title:

Exempt offerings in the EU and the US: A comparative perspective

ORCID:

0000-0001-7353-8125

Subject and Keywords:

EU prospectus law   US prospectus law   prospectus exemption   EU Regulation 2017/1129   private primary markets

Abstract:

The prospectus — exempted offering framework plays a crucial role in the process of creating more issuers — friendly capital markets by minimizing the “barriers to entry” (such as burdensome prospectus obligations and ongoing disclosure thereafter). Thanks to certain prospectus exemptions, SMEs have better opportunities to access critical funds in order to grow and scale. In recognition of the above, prospectus law in the European Union and the United States has lately been subject to dynamic reforms, aimed at expanding the exempt offerings frameworks. In the EU, a landmark reform, followed by multiple changes on a national level, has been introduced by the Prospectus Regulation (EU) 2017/1129. In the US, for many years now, we have been observing major exempt offerings reforms, such as the “JOBS Act”, the “FAST Act” and the “Economic Growth Act”, followed by the SEC rules. The main objective of this article is to analyze and evaluate, from a comparative perspective, the EU and the US legal frameworks for offers exempted from prospectus obligations — especially in light of the latest reforms. The article is based mostly on scrutinizing sources of law, academic literature, reports and data published by market authorities.

Place of publishing:

Wrocław

Publisher:

Wydawnictwo Uniwersytetu Wrocławskiego

Date issued:

2020

Resource Type:

text

Detailed Type:

article

Identifier:

ISSN 1733-5779   ISSN 0239-6661

DOI:

10.19195/1733-5779.34.2

Source:

PAd 102060 II

Language:

eng

Abstract Language :

pol

Relation:

Studenckie Prace Prawnicze, Administratywistyczne i Ekonomiczne, ISSN 1733-5779. Nr 34, 2020, s. 21-39

Is version of:

Czasopisma Naukowe w Sieci (CNS)

Access rights:

The use of this material is allowed only with accordance of applicable rules of fair use or other exceptions provided by law, and any broader use requires the permission of the authorized entity

License:

Making materials available on the basis of the agreement with the owner of the property copyrights

Rights holder:

Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o.

Autor opisu:

WR U/PAdbg