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25 January 2011

Request for ESMA technical advice on possible delegated acts concerning the Prospectus Directive

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On 19 January 2011 the Commission sent a mandate to ESMA for advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU.

 Part I of the mandate is devoted to measures in relation to the format of the final terms to a base prospectus, to the format of the summary of the prospectus, and to the detailed content and specific form of the key information to be included in the summary. The first part of the mandate relates also to the proportionate disclosure regime introduced for some pre-emptive offers of equity securities, offers by SMEs and issuers with reduced market capitalization, and offers of non-equity securities referred to in Article 1(2)(j) by credit institutions. Furthermore, it focuses on the criteria to be applied in the assessment of the equivalence of a third country legal and supervisory framework. 

Part II of the mandate covers possible additional delegated acts reviewing some existing Level 2 measures while Part III invites ESMA to assist the Commission in the preparation of a comparative table of the liability regimes applied by the Member States in relation to the Prospectus Directive.


© European Commission

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