On the 15th July 2020, the European Securities and Markets Authority (“ESMA”) has issued the final version of its Guidelines on the disclosure requirements imposed upon relevant entities under the Prospectus Regulation (“Guidelines”).
These Guidelines are addressed to both market participants who are required to provide a prospectus to their prospective investors as well as national competent authorities responsible of reviewing such.
The Guidelines offer market participants the necessary guidance on the information to be provided in a prospectus as required under the annexes to the Commission Delegated Regulation (EU) 2019/980. On the other hand, national competent authorities are enabled to determine the completeness, comprehensibility and consistency of the information disclosed in the prospectuses submitted.
Feel free to contact us if you require any further information in relation to the listing of securities on a regulated market or the disclosure requirements for prospectus documents.