Review of the Prospectus Directive / Regulation (CMU)

Published 19.08.2019

Level 1

State of Play: Published in the Official Journal L168/12 of 30 June 2017

ESMA Prospectus Documents

Level 2

  • On 17 July 2018, ESMA published new RTS for endorsement by the European Commission.
  • On 30 October 2018 ESMA responded to two consultations on prospectus 
  • On 8 February 2019 ESMA published a list of thresholds below which an EU prospectus is not required

Level 3

  • On 3 April 2018, ESMA published the first part of its Technical Advice (TA) under the Prospectus Regulation. It proposed changes to the format and content of prospectuses.
  • Link to Press Release on ESMA’s TA on the Prospectus Regulation
  • On 27 March 2019 ESMA published the first Q&A on the Prospectus Regulation.
  • On 29 March 2019 ESMA published the final guidelines on how NCAs should review risk factors, as required by the new Prospectus Regulation.
  •  On 12 July 2019, ESMA updated Q&As relating to prespectus regulation.
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