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25 June 2015

ESMA publishes Draft RTS on prospectus related issues under the Omnibus II Directive

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The Final Report contains the draft Regulatory Technical Standard on prospectus related issues which ESMA is required to submit to the European Commission in accordance with mandate contained in the Omnibus II Directive.

The European Securities and Markets Authority (ESMA) publishes the Final Report and Draft RTS on prospectus related issues under the Omnibus II Directive. The Report furthermore includes a summary of the main responses received to ESMA’s Consultation Paper on these issues which was published in September 2014.

The draft RTS included in the Final Report specify procedures for the approval of prospectuses, publication of approved prospectuses and dissemination of advertisements and other information relating to an offer or admission of securities to trading.

Following the consultation, and based on the feedback received, ESMA decided not to respond to the part of the mandate regarding approval which concerns adjustment of time limits and the mandate regarding incorporation by reference. The Final Report also sets out the reasons for this decision. A number of changes were also made to the original proposals on the remaining parts of the mandate which were included in the consultation paper and these changes are also explained in the Report.

The final report will be submitted to the European Commission by 1 July 2015. The Commission has three months to decide whether to endorse ESMA’s draft regulatory technical standards.

Full report


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