Since the introduction of the Listing Act, which allows for the
future incorporation of annual or interim financial information by
reference, there has been uncertainty regarding the requirement to
prepare a supplement.
ESMA has now clarified in newly released Q&As that issuers
are not required to produce a supplement in these circumstances.
According to Q&A 2259, the obligation to produce a supplement
under Article 23 of the Prospectus Regulation does not apply to new
annual or interim financial information when it is incorporated by
reference under Article 19(1b). We expect this clarity will be
welcomed by Issuers.
Additionally, ESMA has stated in the Q&As that for base
prospectuses in separate or standalone tripartite form, the
incorporation by reference of future financials must be included in
the registration document.
