ESMA Publishes SMSG Advice On Draft Disclosure Guidelines

On 28 October 2019, ESMA published advice provided by the Securities and Markets Stakeholder Group (SMSG) on 3 October 2019. The advice responded to ESMA's consultation on draft disclosure guidelines under the Prospectus Regulation ("Draft Guidelines"). The Draft Guidelines update the CESR's recommendations for capital markets to take into account the Prospectus Regulation and subsequent developments. The Draft Guidelines aimed to ensure a uniform understanding of disclosure requirements in the Commission Delegated Regulation (2019/980/EU), assist the assessment of prospectus information by competent authorities and promote consistency of interpretation of the Commission Delegated Regulation.