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Today's advice follows a public consultation which began on 20 June, 2012.
Overall, the technical advice aims to achieve a high level of investor protection and to increase the legal clarity and efficiency of the prospectus regime across the EU. Investment prospectuses as such are aimed at providing investors with easily accessible information on financial products so as to foster informed decision-making.
In accordance with the terms of the Mandate, ESMA presents by means of this Technical Advice a combined document that comprises both its feedback statement and its final technical advice concerning the disclosure requirements for convertible or exchangeable debt securities. The document has been structured in such a way that the Technical Advice immediately follows the Feedback Statement.
This Technical Advice sets out ESMA’s proposals for clarifications of and amendments to the Prospectus Regulation in order to increase legal clarity and propose application of the proportionate disclosure regime for convertible/exchangeable debt securities.
Next steps
ESMA has set up a further dedicated task force currently dealing with section 5 of the Mandate concerning the compilation of a comparative table of the liability regimes applied by the Member States in relation to the Prospectus Directive. ESMA expects to submit its final report to the European Commission in the second quarter of 2013.