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Part II The New EU Prospectus Rules, 14 The New Advertisement RegimeWhat a Difference a Word Makes?

This chapter focuses on advertisements. The advertisement regime under the new EU prospectus rules will not have a huge impact on the EU capital markets. As a result of the Prospectus Regulation there will be one set of rules which apply equally throughout the EU, although as of yet supervision will remain decentralized with the risk of diverging interpretations. The chapter predicts a market practice to develop as to which type of communications will be (deemed) in-scope for the definition of advertisements and which type of communications will be (deemed) out of scope, which market practice will, where applicable, be supported and/or developed by the European Securities and Markets Authority (ESMA). This is based on the assumption that the change in the definition of the word ‘announcement’ to ‘communication’ in the Prospectus Regulation does not significantly alter the scope of the advertisements regime, which is also the view of the European Commission.