ESMA31-62-1258 Prospectuses 13.3

ESMA understands that the fourth subparagraph of Article 7(7) of the PR stipulates that the maximum length of the summary should only be increased by ‘[..] two additional sides of A4-sized paper’, our understanding is that the page limit may only extend to a maximum of nine sides of A4-sized paper.

 In addition, ESMA notes that Article 7(7) also refers to a situation involving the use of a key information document (KID). In such case, the length of the summary can be extended by three pages for each additional security.