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ESMA publishes the first Q&As relating to the Prospectus Regulation

27 March 2019

The European Securities and Markets Authority (ESMA) has today published a new document containing nine Q&As relating to Regulation (EU) 2017/1129 (Prospectus Regulation).

The Q&As provide clarification on the following issues in relation to the Prospectus Regulation:

  • The scope of the grandfathering of prospectuses approved under the national laws of Member States implementing Directive 2003/71/EC (Prospectus Directive).
  • The applicability of the current level 3 guidance concerning the Prospectus Directive after the entry into application of the Prospectus Regulation.
  • The process of updating the information included in registration documents and universal registration documents.

ESMA is publishing these Q&As in a new document in order to separate them from the Q&As published in relation to the Prospectus Directive.

The Q&As relating to the grandfathering of prospectuses and the applicability of the current level 3 guidance after the entry into application of the Prospectus Regulation are particularly important. These Q&As should help market parties effectively manage the transition from the Prospectus Directive to the Prospectus Regulation, by:

  • determining the effect of the entry into application of the Prospectus Regulation on their current prospectuses and related issuance programmes.
  • helping market parties to draw up prospectuses for approval under the Prospectus Regulation.

The Q&As relating to the process of updating information in registration documents and universal registration document are also quite important. These Q&As will help to clarify this process, which is fundamental to the proper working of the Prospectus Regulation.

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of prospectus supervision. These Q&As are also intended to facilitate market parties by providing guidance as to how national competent authorities will interpret the Prospectus Regulation.