Consultation on ESMA's technical advice on possible delegated acts concerning the Prospectus Directive
as amended by the Directive 2010/73/EU

The purpose of this consultation document from ESMA is to seek comments on the technical advice that
ESMA proposes to give to the European Commission on a number of possible delegated acts.

On Tuesday 25 January 2011, the European Commission published its request to ESMA for advice on possible
delegated acts concerning the Prospectus Directive as amended by Directive 2010/73/EU. The Mandate to ESMA sets out the areas on where the Commission is requesting advice in sections 3, 4 and 5.

ESMA has been asked to deliver its advice on sections 3.1 and 3.2 by 30 September 2011 and has also decided to deliver its advice on the areas included in section 3.3 by 30 September because of the importance of the areas concerned.
In order to deliver its advice to the Commission, ESMA has decided to split its advice giving this first advice on possible delegated acts concerning the Prospectus Directive responding to sections 3.1, 3.2 and 3.3
of the Commission Mandate by 30 September 2011. In order to finalise the advice by the due deadline, ESMA considers it necessary to conduct a shortened consultation on these sections of the Mandate in order to deliver robust advice to the Commission.

In order for ESMA to best consider the relevance of comments, please indicate any material concerns over the impact of the advice being considered, including if you consider it may lead to unfair or disproportionate
financial or administrative burden. In addition please also indicate any possible advantages or benefits deriving from the implementation of the advice.