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ESMA reports decrease in prospectus activity for 2019

25 September 2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator reports, in its Annual Report on prospectus activity, that in 2019 the number of prospectus approvals across the European Economic Area (EEA) decreased to 3,113 from 3,390 a fall of 8% compared to 2018. This decrease continues the downward trend observed since the 2008 financial crisis. 

Prospectus Type

Regarding the type of prospectus approved around 44% (1,368 out of 3,113) were in the form of base prospectuses and 91% were drawn up as single documents as opposed to tripartite prospectuses. Almost 76% (2,365) of prospectuses approved in 2019 related to non-equity securities with the most frequent security type being debt securities with a denomination of at least €100,000.

The number of EEA prospectuses passported to one or more host countries decreased slightly to 810 in 2019 from 817 in 2018. As was the case in 2018, Germany and Luxembourg accounted for most prospectuses passported to other EEA countries in 2019.

The purpose of making prospectus data available is to provide information about trends in general prospectus approval statistics and passporting activity, as well as trends concerning the structure of approved prospectuses and the types of securities they cover. ESMA has published reports on prospectus activity since 2007 and recent data reports are available on the prospectus part of ESMA's website. In addition, stakeholders can search for additional detailed information in relation to prospectuses approved and passported within the EEA via ESMA’s Prospectus Register.