Prospectus Regulation

Published 12.06.2020

State of play: on 30 June 2017, the Regulation was published in the Official Journal (L 168/12).

Level 1

Commission

  • 30 November 2015, the proposal for a regulation was published.

Trilogue negotiations

  • 7 December 2015, the Parliament and the Council reached a political agreement.
  • 5 April 2017, the Parliament adopted the agreed texts in plenary.
  • 16 May 2017, the Council formally adopted the proposal.

Level 2

  • 17 July 2018, ESMA published new RTS on the implementation of the Prospectus Regulation.
  • 8 February 2019, ESMA published a list of thresholds below which an offer of securities to the public does not need a prospectus in the EU Member States.

Level 3

  • 3 April 2018, ESMA published the first part of its technical advice under the Prospectus Regulation.
  • 30 October 2018, ESMA published the responses to the consultation on draft guidelines on risk factors and to the consultation on draft technical advice on minimum information content for prospectus exemption.
  • 29 March 2019, ESMA published the final guidelines on how NCAs should review risk factors, as required by the Prospectus Regulation.
  • 12 July 2019, ESMA updated Q&A on the Prospectus Regulation.
  • 12 July 2019, ESMA launched a consultation on draft guidelines on disclosure requirements under Prospectus.
  • 30 September 2019, ESMA published the official translations of its guidelines on risk factors under the Prospectus Regulation.
  • 28 October 2019, ESMA published the advice of the SMSG to the consultation paper on draft guidelines on disclosure requirements under the Prospectus Regulation.
  • 3 December 2019, ESMA updated its Q&A on the Prospectus Regulation.
  • 13 January 2020, ESMA published a compliance table with competent authorities complying or intending to comply with ESMA’s guidelines on risk factors under the Prospectus Regulation.
  • 18 February 2020, ESMA updated its Q&A on the Prospectus Regulation aiming to enhance common supervisory approaches and practices in the application of prospectus supervision.

Next steps

  • The European Commission is contemplating a quick fix proposal as part of the recovery (Covid-19).
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Contact

Association des Banques et Banquiers, Luxembourg

Address

12, Rue Erasme L-1468 Luxembourg

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Monday to Friday from 8:00 to 17:30.