The European Commission is required, under PD3, to adopt certain
Level 2 measures (delegated acts) by 21 January 2019.
The Commission sought technical advice from ESMA on various
aspects of those Level 2 measures, and ESMA is now consulting
across six key areas of PD3 to enable it to give technical advice
to the Commission on Level 2 measures by March 2018.
Three consultation papers have been published, and this is the
first in series of three briefings examining the aspects of those
consultation papers that are relevant to debt issuers.
BACKGROUND
As mentioned in our recent briefing (Prospectus Regime: PD3 Published), the
Commission sought technical advice from ESMA (by March 2018) on the
Level 2 delegated acts that the Commission must adopt in six
areas:
