The European Commission has unveiled new proposals for rules covering Europe-wide prospectuses, addressing some of the financial industry's criticisms of initial proposals presented in May 2001.

The new proposals, which have yet to be approved by the parliament and the council of ministers, are outlined in a draft directive designed to establish a new regulatory framework for public offerings and stock market listings in the EU. The proposals include several concessions for small and medium-sized companies. They also exempt issuers of bonds worth more than €50,000 ($48,441) per unit from having to publish a prospectus.