Abstract
The need for maximization of liquidity for companies acting in the EU markets through the establishment of an internal market for financial services, has since 1998 led to the harmonization of the European disclosure rules to a large extent. However, this does not apply to the corresponding civil liability standards. The Framework Acts, with few exceptions, do not make any provision on the civil law instruments of standard enforcement. The regulation of civil liability for misinformation in the IPO-prospectus is, therefore, still left to the Member States. For this reason, PIL is invoked to determine, which prospectus liability law applies to intra-European cases, when investors or issuers leave national borders to benefit from other European capital markets.
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