"Not A Public Offer" - Where Does the European Commission's Draft Prospectus Proposal Leave Small Issuers?

Examines the effects of the amendments to the Prospectus Proposal issued by the European Commission on small business issuers in accessing public equity market. Overview of the Proposal; Scope of the Draft Article 2 of the amended Directive; Relation of Rule 504 under the U.S. Securities Act 1933 to the amendment.