ESMA statement on implementing certain changes to the Prospectus Regulation

The European Securities and Markets Authority (ESMA) has published a statement providing practical guidance to national competent authorities (NCAs), issuers and their advisers on the application of the revised Prospectus Regulation (PR) introduced by the EU Listing Act. ESMA clarifies that under the transitional regime in Article 48a of the PR, registration documents and universal registration documents approved or filed up to 4 June fall within scope of the regime and may continue to be used in prospectuses for the duration of their validity period. ESMA notes that these documents will need to continue to be kept up to date via supplements and amendments as the version of the PR in force on the approval or filing of the documents will continue to apply to them.

ESMA also offers guidance on the disclosure to be included in EU Follow-on prospectuses and EU Growth issuance prospectuses pending the application of the forthcoming Delegated Act amending Commission Delegated Regulation (EU) 2019/980. ESMA expects NCAs to follow the approach outlined in the statement, enabling issuers and advisers to rely on the guidance.

Return to main website.