Section 3, Item 1 of the ESMA update of the CESR recommendations¹ relating to specialist issuers should be applied to prospectuses drawn up under the Prospectus Regulation to the extent the relevant recommendations are compatible with the Prospectus Regulation. The application of this document can help to facilitate the review process and assist issuers when drawing up prospectuses. (Updated answer 09/09/2026)

1. ESMA/2013/319 – ESMA update of the CESR recommendations (20 March 2013).

27/03/2019

Subject Matter: Applicability of the Level 3 guidance relating to the Prospectus Directive after the  entry into application of the Prospectus Regulation

Question: To what extent do the ESMA Q&As relating to prospectuses and the ESMA update of the CESR Recommendations apply to prospetuses drawn up in accordance with the Prospectus Regulation?

Answer:

[ESMA31-62-1258 Prospectuses Q&A 2.1]

ESMA Q&As relating to prospectuses¹ and the ESMA update of the CESR recommendations² should be applied to prospectuses drawn up under the Prospectus Regulation to the extent they are compatible with the Prospectus Regulation. The application of both documents can help to facilitate the review process and assist issuers when drawing up prospectuses.

^{1 ESMA31-62-780 – Q&As on prospectuses (29th updated version – January 2019).}

^{2 ESMA/2013/319 – ESMA update of the CESR recommendations (20 March 2013).}