The European Commission has started the review of the prospectus regulation scheme in 2013 in order to facilitate the development of the Capital Markets Union. One of the aims of the reforms intends to give access to small —medium sized enterprises (SMEs) to the capital markets throughout Europe. The reason behind that is to make those companies less dependent on loans and other debt-based capital raising methods to unlock their full potential. Studies have shown that the European SME sector is heavily dependent on banks for financing, which actually hurts their prospects in the long run. Gaining access to the public capital markets can be mainly achieved by getting listed. Unfortunately, there are many regulatory hurdles which a company must face in order to successfully launch themselves on stock exchanges. One of such is the preparation of the so-called prospectus document. The aim of the paper is to explore the mandatory content requirements for prospectuses in Europe for SMEs and through that to find out if the current provisions are adequate.
Akerlof, G. A. , ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’ (1970) 3 The Quarterly Journal of Economics 488–500.
Bujtár, Zs. , ‘Gondolatok Kecskés András és Halász Vendel “Stock Corporations a Guide to Initial Public Offerings, Corporate Governance and Hostile Takeovers” címu könyvérol’ (2015) 11 Európai jog, 36–40.
Coke, M. , ‘Success in the Form of an IPO: A Brief Case Study of A123 Systems, Inc.’ (2009) 4 Nanotechnology Law & Business, 513–520.
Dwyer, B., Kotey, B., ‘Financing SME Growth: The Role Of The National Stock Exchange Of Australia And Business Advisors’ (2015) 25 Australian Accounting Review, 114–123.
Ferencz, B. , ‘Felelos társaságirányítási felvetések a General Motors gyújtáskapcsoló-botrány tükrében’ (2015) 2 JURA 170–174.
Fischer-Appelt, D. , ‘Amendments to the EU Prospectus Directive Regime’ (2014) 2 Business Law International 95–114.
Fischer-Appelt, D. , ‘The revised EU Prospectus Regulation: key changes to the contents of prospectuses’ (2012) 2 Law and Financial Markets Review, 249–257.
Geddes, R. , IPOs and Equity Offerings (Butterworth-Heinemann 2008).
Halász, V. , ‘Beveszik-e az amerikai méregpirulát az Európai Unióban?’ (2012) 1 Európai jog 3-16.
Kecskés, A., Halász, V., Stock Corporations – A Guide to Initial Public Offerings, Corporate Governance, and Hostile Takeover(HVG-ORAC-LexisNexis 2013).
Kripke, H. , ‘A Search for a Meaningful Securities Disclosure Policy’ (1975) 2 The Business Lawyer 293–317.
Kripke, H. , ‘The Myth of the Informed Layman’ (1973) 2 The Business Lawyer, 293–317.
Mann, B. A. , ‘Prospectuses: Unreadable or Just Unread? – A Proposal to Reexamine Policies Against Permitting Projections’ (1971) 2 The George Washington Law Review, 222–235.
Rousseau, St. , ‘The Future of Capital Formation for Small and Medium-sized Enterprises: Rethinking Initial Public Offering Regulation after the Restructuring of Canadian Stock Exchanges’ (2000) 34 Revue Juridique Themis 661–760.
Spindler, J. C. , ‘IPO Liability and Entrepreneurial Response’ (2007) 5 U Pa L Rev 1187–1228.
Varriale, G. , ‘Fixing Europe’s Funding Model’ (2013) 32 International Financial Law Review, 174–183.
Whincop, M. J. , ‘Due Diligence in SME Fundraising: Reform Choices, Economics and Empiricism’ (1996) 2 UNSW Law Journal, 433–440.