Consultation on RTS on specific situations that require the publication of a supplement to the prospectus

Consultation on RTS on specific situations that require the publication of a supplement to the prospectus

from 15 March 2013 to 28 June 2013

Details

The Consultation Paper sets out a draft Regulatory Technical Standard concerning situations that require the systematic publication of a supplement to the prospectus which the European Securities and Markets Authority (ESMA) is obliged to develop in accordance with Article 16(3) of the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1)  to mention in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities.ESMA believes that the test whether a new factor, mistake or inaccuracy qualifies as a triggering event for producing a supplement is the same test as whether information should be included in the prospectus. As a consequence, significance or materiality should be assessed according to the same qualitative and/or quantitative criteria used when drafting the prospectus. In light of this, ESMA has identified a short list comprising 10 situations, which will always require issuers, offerors or persons asking for admission to trading to draw up and publish a supplement to the prospectus.The CP includes a draft Regulatory Technical Standard setting out the situations that would require a systematic publication of a supplement as well as the minimum content of such a supplement.Responses to the consultation should be submitted online by 28 June 2013. (NB: the original deadline of 14 June was extended by 2 weeks.)

1 RELATED DOCUMENTS
Document available for this Consultation
DateReferenceTitleDocument
15/03/20132013/316Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus

Responses

Operations
Activity Institution Download
London Stock Exchange Group
Banking Dutch Banking Association
Banking European Banking Federation
Banking German Banking Industry Committee
Banking ABI - Italian Banking Association
Banking WKO
Investment Services International Capital Market Association
Issuers Deutsches Aktieninstitut
Issuers Quoted Companies Alliance
Issuers DDV - Deutscher Derivate Verband
Issuers Danish Mortgage Banks' Federation and Association of Danish Mortgage Banks
Legal and Accountancy PricewaterhouseCoopers LLP
Others Dutch Investors' VEB NCVB
Others ASSIREVI