The Contents of the Prospectus: Rules for Financial Information

Final version published in Prospectus Regulation and Prospectus Liability, Edited by Danny Busch, Guido Ferrarini and Jan Paul Franx, OUP, 2020.

Bocconi Legal Studies Research Paper

28 Pages Posted: 17 Jun 2020

See all articles by Giovanni Strampelli

Giovanni Strampelli

Bocconi University - Department of Law

Date Written: June 13, 2020

Abstract

In keeping with the Prospectus Regulation’s aim of providing investors with any necessary information that is material for making an informed assessment of, among other things, the assets and liabilities, profits and losses, financial position, and prospects of the issuer, financial information is a key element of the prospectus information package. Hence, although under EU law the content and the format of a prospectus both depend on a variety of factors, such as the type of issuer, security and issuance, the prospectus must always provide detailed information concerning the issuers’ assets and liabilities, financial position and profits or losses.

Against this backdrop, and with a view to developing a comprehensive analysis of the rules for financial information set out by the EU prospectus regime, I divide this Chapter as follows: Part II provides an overview of relevant rules concerning the financial information that must be included in the prospectus; Part III examines historical financial information; Part IV deals with some specific issues concerning pro forma financial information; finally, Part V analyses the definition of profit forecasts and estimates along with related audit and disclosure requirements. Part VI sets out some concluding remarks.

Keywords: Prospectus, prospectus regulation, financial information, forward looking information, pro forma financial information, profit forecasts and estimates

JEL Classification: K22, M41

Suggested Citation

Strampelli, Giovanni, The Contents of the Prospectus: Rules for Financial Information (June 13, 2020). Final version published in Prospectus Regulation and Prospectus Liability, Edited by Danny Busch, Guido Ferrarini and Jan Paul Franx, OUP, 2020. , Bocconi Legal Studies Research Paper, Available at SSRN: https://ssrn.com/abstract=3626308 or http://dx.doi.org/10.2139/ssrn.3626308

Giovanni Strampelli (Contact Author)

Bocconi University - Department of Law ( email )

Via Roentgen, 1
Milan, Milan 20136
Italy

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
43
Abstract Views
207
PlumX Metrics