On 31 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation.
ESMA has added four new Q&As that seek to clarify:
- The application of the exemption in Article 1(5)(b) of the Prospectus Regulation in a situation concerning non-transferable securities.
- The application of the Prospectus Regulation where shares can be exchanged for global depositary receipts (and vice versa).
- Dissemination of amended advertisements.
- The status of transferable securities.