The update published today contains new guidance on the format of summaries.
The purpose of the document is to promote common supervisory approaches and practices in the application of the Prospectus Directive (PD) and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the PD.
The content of this document is aimed at competent authorities under the PD to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by CESR, and now ESMA. However, these responses are also meant to give market participants an indication of what constitutes proper implementation of the PD rules. The answers are intended to help issuers of securities by providing clarity as to the content of the PD requirements, without necessarily imposing an extra layer of requirements.
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