The European Securities and Markets Authority (ESMA) has published an updated version of its Q&As document on prospectuses.

The purpose of the Q&As is to promote common supervisory approaches and practices in the application of the Prospectus Directive (PD) and its implementing measures. It does this by providing responses to questions posed by the general public and Member State competent authorities in relation to the practical application of the PD.

In the updated version of the Q&As ESMA has deleted the section on convertible or exchangeable securities. It has also deleted one of the questions in the section regarding the exemptions provided for in Articles 4.1(c) and 4.2(d) of the PD in relation to mergers.

ESMA has also updated the section on:

• the exemption for admission to trading provided for in point (a) of the first sub-paragraph of Article 1(5) of the Prospectus Regulation (EU) 2017/1129;
• exemptions from the obligation to publish a prospectus in Article 1(5) Prospectus Regulation (EU) 2017/1129 as stand-alone exemptions; and
• obligation to publish a prospectus for admission of securities to trading on a regulated market.

View ESMA updates its Q&A on prospectuses, 20 October 2017