ESMA publishes updated Q&A on Prospectus issues


On 22 October 2014, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A on Prospectus issues related the Prospectus Directive 2003/71/EC (Prospectus Directive) and the accompanying Commission Regulation on Prospectuses EC No 809/2004 (Regulation).

The Prospectus Directive and accompanying Regulation establish a harmonised format for prospectuses in Europe and allow companies to use the same prospectus prepared for admitting securities to trading on their home market to admit securities to any number of further European markets without having to re-apply for approval from the local regulator.

The purpose of ESMA Q&A is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures.

In the updated version of its Q&A, ESMA included three new questions and answers as well as two revised questions and answers.

The updated questions are questions 82, 91, 93, 94 and 95 which all related to prospectus summaries issues such as:

  • Summaries in relation to proportionate disclosure regimes.
  • Format for the individual summary relating to several securities.
  • Presentation of selected historical key financial information in the summary.
  • Minimum information required in Section D of Annex XXII of the Prospectus Regulation and in particular how should the key information on the key risks be presented.
  • Inclusion of “extra” information in individual summaries.

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