To disclaim, or not to disclaim, that is the question

Last month, the Court of Justice of the European Union (ECJ) published a ruling on certain provisions of Directive 2003/71/EC on prospectuses for public offerings of securities (known as the Prospectus Directive) including those relating to the electronic publication of prospectuses and addressed the question whether certain restrictions on access to the prospectus would make such publication incompatible with the requirements of the Prospectus Directive Regulation (809/2004). We summarise the implications of the judgment.

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