Should complex securities such as ECNs be offered to retail investors through a prospectus?
As mentioned above, neither the Prospectus Directive nor FSMA require us to operate a suitability regime in relation to whether securities are “suitable” to certain investors in the primary market. This is because the purpose of the prospectus is to enable the investor to make an informed decision as to the suitability of the security on the basis of all the information included in the prospectus.
