The ACT has responded to the European Union’s call for consultation on the effectiveness of the Prospectus Directive(PD) to meet its objectives of investor protection and market efficiency. This consultation has been made in co-ordination with consultations on the push for Capital Markets Union across the EU and securitisation. The consultation was called against a background concern that corporates, and in particular smaller businesses may find it difficult to access alternate capital markets as bank lending practices change in response to regulation, and that simpler access to regulated debt and equity markets across the EU will resolve this concern. The response is on record and may be quoted with the acknowledgement of The Association of Corporate Treasurers. ACT Response to EU Call for Consultation on the Prospectus Directive To contact the ACT on this subject, please email technical@treasurers.org.