ESMA updates its Q&As relating to the Prospectus Regulation
The European Securities and Markets Authority (ESMA), the EU’s securities and markets regulator, has today updated its Questions and Answers (Q&As) on the Prospectus Regulation (PR) with three new Q&As.
The Q&As provide clarifications on the following aspects:
- The application of Article 4(1) of the CRA Regulation to credit rating disclosure in prospectuses;
- How to determine home Member State in the context of global depository receipts over shares; and
- The publication of supplements to prospectuses when new audited annual financial information is published by a non-equity issuer.
The purpose of the Q&As published today is to promote common supervisory approaches and practices in the application of prospectus supervision. In addition, they aim to provide market parties with guidance as to how national competent authorities will apply the Prospectus Regulation.
In recent years, ESMA’s ongoing prospectus Q&A work has consisted of a dual initiative of revising Q&As previously issued in respect of the Prospectus Directive that are still of added value under the Prospectus Regulation and developing new Q&As to address issues which have arisen solely in respect of the Prospectus Regulation.
Next steps
As part of the implementation of the provisions applicable to Q&As in the ESMA Regulation, the Authority is setting up a web-based tool to facilitate the submission of questions and the publication of questions received as well as answers to admissible questions.
Further information:
Dan Nacu-Manole
Communications Officer
✆ +33 (0)1 58 36 52 06