The European Securities and Markets Authority (ESMA) has published three consultation papers on the Prospectus Regulation:
- consultation paper on the format and content of the prospectus. On 28 February 2017, ESMA received a request for technical advice from the European Commission (Commission), including in relation to the format and content of the prospectus, base prospectus and final terms. The request for technical advice also included the minimum information required for the universal registration document and the reduced information requirements for secondary issuances. The consultation paper presents a draft version of ESMA’s technical advice in these areas;
- consultation paper on EU growth prospectus. The consultation paper presents a draft version of ESMA’s technical advice in relation to the content, format and sequence of the EU growth prospectus including its specific summary ; and
- consultation paper on scrutiny and approval. The consultation paper presents a draft version of ESMA’s technical advice in relation to the scrutiny and approval of prospectuses and their constituent parts, the filing and review of the universal registration document and the conditions for losing the status of frequent issuer.
The deadline for comments on each consultation paper is 28 September 2017. ESMA will deliver its technical advice to the Commission by 31 March 2018.
View ESMA proposes simplifications for prospectuses, 6 July 2017