The Prospectus Directive seeks to ensure that adequate and equivalent disclosure standards are in place in all Member States when securities are made available for all European investors either through a public offer procedure or because they are admitted to trading on regulated markets. The Directive has introduced a new "single passport for issuers". This means that once approved by the authority in one Member State, a prospectus has to be accepted everywhere else in the EU. It is a centrepiece of the EU’s Financial Services Action Plan.

Since the Commission’s original proposal,IPMA and then ICMA has taken the lead at all levels of the debate to protect and promote the efficiency and smooth functioning of the new issues market in Europe.

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