On 27 March 2019, the European Securities and Markets Authority (ESMA) published new Q&As on the Prospectus Regulation.

The Q&As provide clarification on the following issues in relation to the Prospectus Regulation:

• the scope of the grandfathering of prospectuses approved under the national laws of Member States implementing the Prospectus Directive;
• the applicability of the current level 3 guidance concerning the Prospectus Directive after the entry into application of the Prospectus Regulation; and
• the process of updating the information included in registration documents and universal registration documents.

ESMA intends to update the document on a regular basis.