ESMA Guidelines on Disclosure Requirements under the EU Prospectus Regulation
Yesterday, the European Securities and Markets Authority (“ESMA”) published Guidelines on Disclosure Requirements under the Prospectus Regulation, previously published in final draft in July 2020, intended to provide guidance regarding the disclosure of financial and non-financial information in the prospectus and to promote consistent application of disclosure requirements across the EU. The Guidelines aim to support competent authorities in properly assessing the completeness, comprehensibility and consistency of information in prospectuses.
The Guidelines will become effective two months after publication on ESMA’s website.
The objectives of these Guidelines are to establish consistent, efficient and effective supervisory practices among competent authorities when assessing the completeness, comprehensibility and consistency of information in prospectuses as well as to ensure the common, uniform and consistent application of the disclosure requirements set out in the Commission Delegated Regulation.