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ESMA, in its annual report on prospectus activity, has found that in 2017 the number of prospectus approvals across the European Economic Area (EEA) increased by around 1.9% compared to 2016 (from 3499 to 3567). The growth in prospectus approvals puts an end to a decade-long decline observed since the start of the financial crisis.
In line with 2016, in 2017 around 40% (1421 out of 3567) of the prospectuses approved were in the form of base prospectuses and 91% were drawn up as single documents as opposed to tripartite prospectuses. Almost 74% (2626) of prospectuses approved in 2017 related to non-equity securities with the most frequent security type being debt securities with a denomination of at least €100.000.
After three years of decrease, the number of EEA prospectuses passported to one or more host countries increased by around 2.6% from 2016 to 2017 (from 838 to 860), with Germany and Luxembourg still accounting for the majority of prospectuses passported to other EEA countries in 2017.