On 13 July 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on draft technical advice on minimum information content for prospectus exemption.

The consultation paper sets out a draft version of EMSA’s technical advice on the minimum information content of documents provided for the purpose of describing a takeover, merger or division. The Prospectus Regulation provides that issuers may offer / admit securities connected with a takeover, merger or division without publishing a prospectus, provided that an alternative document is made available to investors which describes the transaction and its impact on the issuer.

The deadline for comments on the consultation paper is 5 October 2018. A final report containing ESMA’s technical advice will be published in Q1 2019.

ESMA will issue a separate consultation paper concerning its draft technical advice regarding the general equivalence criteria that should be applied in respect of the information requirements imposed by third countries.