Companies in the EU that need to raise money on capital markets will find it easier to grow and invest, thanks to new rules that come into application on Sunday and that mark a step forward for the Capital Markets Union (CMU). The new EU prospectus rules exempt different types of issuers, such as SMEs and non-equity issuers, from the burden of producing lengthy and expensive prospectuses while ensuring that investors have all the information they need. These prospectuses are needed when securities are offered to the public or admitted to trading on a regulated market, but they have been onerous to produce in terms of cost and time for companies, especially smaller ones. These new rules will harmonise the scrutiny criteria for the prospectuses and procedures for approving prospectuses. They also create a new category of prospectuses for SMEs so that they can more easily get the funds they need to innovate, grow and create jobs. This step represents another significant milestone for the implementation of the CMU, which aims to give investors the tools to make better and more informed decisions to invest across the EU. Ultimately, the Prospectus Regulation aims to create a single rulebook that ensures consistent implementation across the EU. Applicable as from 21 July 2019, it replaces and repeals the Prospectus Directive (Directive 2003/71/EC). Its delegated acts will further specify the details of the new prospectus rules.