On 1 October 2019, the European Securities and Markets Authority (ESMA) published its final guidelines on risk factors under the Prospectus Regulation.

There are minor amendments to the draft guidelines published in March 2019 (see previous blog here) including the insertion of 1 December 2019 as the date from which the guidelines will apply, but otherwise they remain unchanged.

Member State national competent authorities must notify ESMA whether they comply or intend to comply with the guidelines within two months of the date of publication of the guidelines on ESMA’s website in all official languages of the EU.