European Union (EU).
The Prospectus Regulation (Regulation (EU) 2017/1129) was published in the Official Journal of the European Union on 30 June 2017 and entered into force on 20 July 2017.
It replaces the former Prospectus Directive (EU Directive 2003/71/EC) and related measures and, as an EU regulation, is directly effective across all EU member states without any requirement for implementation into national law.
The bulk of the changes applied with effect from 21 July 2019.
Issuers of securitisations, and others involved, are at risk if they fail to comply with the Prospectus Regulation and the related Securitisation Regulation.
Together these regulations significantly expanded the range of entities and transactions that must comply.
Disclosure and other requirements are more demanding. Penalties for failure are more severe.
Treasurers need to sharpen focus on identifying securitisation activities, and implementing robust compliance processes.