10 January 2012

Publication of responses to ESMA's consultation on possible delegated acts concerning the Prospectus Directive

On Tuesday 25 January 2011, the European Commission published its request to ESMA for advice on possible delegated acts concerning the Prospectus Directive as amended by Directive 2010/73/EU. The Mandate to ESMA sets out the areas where the Commission is requesting advice in sections 3, 4 and 5. ESMA has already delivered its advice on sections 3.1, 3.2 and 3.3 on 30 September 2011. Taking into account the calendar for the end of the objection period for the European Parliament and the Council to the formal adoption by the Commission of the delegated acts and thereinafter the end of the transposition period for the Amending Prospectus Directive (Directive 2010/73/EU) on the 1st of July 2012, the Commission allowed ESMA to focus in the second part of the Mandate on sections 3.5 and 4.

These are regarded as the most important ones and sections 3.4 and 5 will be dealt with at a further stage. ESMA is aiming to send its technical advice on sections 3.5 and 4 of the Mandate to the Commission by 29 February 2012. Despite ESMA’s strong commitment to adequately consult stakeholders, ESMA considers it necessary, in order to finalise the advice by the due deadline, to conduct a shortened consultation on these sections to allow the delivery of a timely and robust advice to the Commission.

Full consultation paper

Responses

© ESMA