Recital 5

(5)In order to swiftly address the severe economic impact of the COVID-19 pandemic, it is important to introduce measures to facilitate investments in the real economy, allow for a rapid recapitalisation of companies in the Union and enable issuers to tap into public markets at an early stage in the recovery process. In order to achieve those objectives, it is appropriate to create a new short-form prospectus to be known as the EU Recovery prospectus that, while also addressing the economic and financial issues specifically raised by the COVID-19 pandemic, is easy to produce for issuers, easy to understand for investors, particularly retail investors, who want to finance issuers, and easy to scrutinise and approve for competent authorities. The EU Recovery prospectus should be seen primarily as a facilitator of re-capitalisation, with careful monitoring by competent authorities to ensure that investor information requirements are met. Importantly, the amendments to Regulation (EU) 2017/1129 contained in this Regulation should not be used to replace the scheduled review of, and possible amendment to, Regulation (EU) 2017/1129, which would need to be accompanied by a full impact assessment. In that regard, it would not be appropriate to add additional elements to the disclosure regimes that are not already required under that Regulation or under Commission Delegated Regulation (EU) 2019/980 ⁴ , with the exception of specific information relating to the impact of the COVID-19 pandemic. Such elements should only be introduced in the case of a legislative proposal from the Commission on the basis of its review of Regulation (EU) 2017/1129, as provided for in Article 48 of that Regulation.