On 18 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. Two new Q&As have been added that provide clarification on:

• the number of additional pages that can be included in a summary where there is more than one guarantor; and
• the number of additional pages that can be included in a summary relating to several securities, as per Article 7(7) of the Prospectus Regulation.