Capital Markets: Updated ESMA Q&As

In November 2020, the European Securities and Markets Authority ("ESMA") conducted a series of updates to its Q&A documents, issuing updated versions of its Q&A on the Prospectus Regulation (Regulation (EU) 2017/1129) and its Q&A on the Transparency Directive (2004/109/EC) on the 9^th November 2020.

Updated Q&A on the Prospectus Regulation

Questions 16.1 and 16.2 relating to Brexit have now been added to this Q&A document in order to reflect issues relating to:

1. The status of a prospectus which was approved by the UK's Financial Conduct Authority ("FCA") and passported into the European Union while the UK was a member of the European Union or before the end of the UK's transition period, once this transition period comes to an end on the 1^st January 2021;