Furthermore, she suggests that unreliable non-equity securities
should not be counted as capital as bail-ins are unlikely in a crisis.
The bank is examining the possibility of issuing euro-denominated non-equity securities
, contingent on the roadshow's results and market conditions.
To improve the working of the directive, the EU executive is proposing six main changes: small companies, small lenders, rights issues and government guarantee schemes will be subject to fewer disclosure requirements; the way the summary is set out will be streamlined; intermediaries and employee share schemes have clear exemptions; overlaps with the Transparency Directive (2004/109/EC) will be fixed; issuers of all non-equity securities
can choose which member state they want to approve their prospectus; and the definition of qualified investors' in the Prospectus Directive will be aligned with the Markets in Financial Instruments Directive (2004/39/EC).
For example, prospectuses may relate to equity securities or they may cover issues of non-equity securities
(such as bonds), which may be admitted to trading in different ways, based on prospectuses using various formats.
Disclosure obligations should include schedules regarding equity securities, retail and wholesale debt (in this latter case only the issuer's disclosure requirements), asset-backed securities, registration document for non-equity securities
issued by credit institutions, schedule for depository receipts issued over shares.