In its 30 September 2015 Capital Markets Union Action Plan, the European Commission confirmed its intention to modernise the existing Prospectus Directive (the Existing PD), having already consulted on a review of the Existing PD in February 2015. It then published the draft of its proposed regulation and related draft annexes on 30 November 2015 (PD3).
PD3 will take the form of a regulation that will be directly effective in Member States, rather than a directive requiring transposition by the individual Member States. This is designed to ensure consistent application of PD3. It is expected that PD3 will be published in the Official Journal during the second half of 2016, and it will come into effect 12 months later (i.e. mid-to-end 2017).