ESMA Guidelines On Disclosure Requirements Under The Prospectus Regulation

The European Securities and Markets Authorities (ESMA) has published its final guidelines on disclosure requirements under the Prospectus Regulation. The Guidelines comprise guidance to participants in the financial market concerning the disclosure of financial and non-financial information to be included in the prospectus when making an offer of securities to the public. Moreover, the Guidelines aim to ensure that market participants have a universal understanding of the relevant disclosures that are required in the numerous annexes included in the Commission Delegated Regulation (EU) 2019/980.

Thus, the new Guidelines aim to promote consistency across the EU to determine how the annexes to the Delegated Regulation are applied. The Guidelines cover a variety of financial and non-financial issues, such as: