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:

1. The application of the exemption in Article 1(5)(b) of the Prospectus Regulation in a situation concerning non-transferable securities.
2. The application of the Prospectus Regulation where shares can be exchanged for global depositary receipts (and vice versa).
3. Dissemination of amended advertisements.
4. The status of transferable securities.