On 3 April 2018, the European Securities and Markets Authority (ESMA) published a final report containing technical advice under the Prospectus Regulation. The technical advice covers the areas of format and content of a prospectus, the EU growth prospectus and the scrutiny and approval of a prospectus.

In its technical advice on the format and content of a prospectus ESMA has developed the content of a new Universal Registration Document (URD) for issuers of securities that are listed on a regulated market or a multilateral trading facility. The URD is intended to function as a useful shelf registration document, allowing issuers to quickly offer securities to the market.

The technical advice identifies the minimum disclosure requirements for the EU Growth prospectus, the order in which they should be presented, and the format and content of the specific summary. ESMA has also adapted the disclosure requirements to the issuer’s size and the complexity of its operations and balanced them against the needs of investor protection.

As regards approval and filing, ESMA proposes procedures that are largely based on the existing provisions of Commission Delegated Regulation 2016/301 with a number of amendments to reflect changes in the Level 1 text.

The final report has been delivered to the European Commission. Subject to endorsement by the Commission, the technical advice will form the basis for the delegated acts to be adopted by the Commission by 21 January 2019.