27 March 2019

ESMA publishes the first Q&As relating to 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 Directive 2003/71/EC (Prospectus Directive).

The applicability of the current level 3 guidance concerning the Prospectus Directive after the entry into application of the Prospectus Regulation.

The process of updating the information included in registration documents and universal registration documents.

ESMA is publishing these Q&As in a new document in order to separate them from the Q&As published in relation to the Prospectus Directive.

The Q&As relating to the grandfathering of prospectuses and the applicability of the current level 3 guidance after the entry into application of the Prospectus Regulation are particularly important. These Q&As should help market parties effectively manage the transition from the Prospectus Directive to the Prospectus Regulation, by:

determining the effect of the entry into application of the Prospectus Regulation on their current prospectuses and related issuance programmes.

helping market parties to draw up prospectuses for approval under the Prospectus Regulation.

The Q&As relating to the process of updating information in registration documents and universal registration document are also quite important. These Q&As will help to clarify this process, which is fundamental to the proper working of the Prospectus Regulation.

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of prospectus supervision. These Q&As are also intended to facilitate market parties by providing guidance as to how national competent authorities will interpret the Prospectus Regulation.

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