Is Polish prospectus law competitive in comparison to other EU countries?

Abstract

In order to improve the IPO environment in the European Union, a completely new prospectus law was introduced by the Prospectus Regulation (EU) 2017/1129, which replaced the previous Prospectus Directive. One of the most important changes brought by the new law is raising the threshold, below which a prospectus is not required, from 5 million EUR to 8 million EUR — subject to the autonomous decision of the Member States. Numerous Member States have made use of such an opportunity, introducing new exemptions in their national laws. Contrary to these trends, the Polish legislator has not decided, however, to amend the threshold and left it at the current level of 2.5 million EUR. The aim of this article is to assess the correctness and effects of such a decision from the comparative and economic perspective.