One consequence of the implementation of the Prospectus Directive is that the distinction between the regime governing prospectuses relating to securities offered to the public and those admitted to trading is abolished. The offering or listing of securities is now governed by the rules of the Prospectus Directive as implemented. All other financial instruments and products may be subject to a different regime.
The rules of the Prospectus Directive also apply to the offering or listing of securities issued by closed-end collective investment schemes. However, for the applicable laws and regulations with respect to the licensing of collective investment schemes, please refer to 'Supervision of collective investment schemes'.