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ARTICLE · 20 FEBRUARY 2025

ESMA Publishes Consultation Paper On Draft Guidelines On "Product Supplements"

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Two of the provisions of the EU Listing Act – a regulation amending, inter alia, the Prospectus Regulation (EU) 2017/1129 – that entered into force on December 4, 2024 were...

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Two of the provisions of the EU Listing Act – a regulation amending, inter alia, the Prospectus Regulation (EU) 2017/1129 – that entered into force on December 4, 2024 were:

  • Article 23(4a) of the Prospectus Regulation, which prohibits a supplement to a base prospectus from introducing a new type of security for which the necessary information has not been included in that base prospectus; and
  • Article 23(8) of the Prospectus Regulation, which mandates ESMA to develop guidelines to specify the circumstances in which a supplement is to be considered to introduce such a new type of security not already described in a base prospectus by June 5, 2026.

One of the primary stated goals for the introduction of these regulatory provisions was harmonising divergent practices developed by national competent authorities in this area.

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