ESMA publishes updated Q&A on the Prospectus Directive

15 January 2014

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.

The Q&A is aimed at competent authorities who carry supervisory responsibility under the PD and aims at ensuring convergence in supervisory activities across the EU.

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 ESMA.  However, these responses are also meant to provide market participants with 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.

New Q&As:

• Format for the individual summary relating to several securities
• Applicable Registration Document schedule where a listed issuer proposes to issue convertible or exchangeable debt securities where the underlying securities are the issuer's shares.

Full document

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