1. Update to ESMA's Q&A on the Prospectus
Regulation
On 18 February 2020, ESMA updated its Q&A on the
Prospectus Regulation. Specifically, when commenting
about the length of prospectus summaries relating to several
securities (question 13.3) ESMA clarified that in terms of article
7(7) of the Prospectus Regulation, the maximum page limit for
prospectuses covering several securities is 9 sides of A4-sized
paper.
ESMA also clarified in situations involving the use of a key
information document (KID), the length of the summary can be
extended by 3 pages for each additional security. A KID is a
document required under Regulation 1286/2014 (the PRIIPs
Regulation) which is designed to help investors (a) gain a better
understanding of investment products' behaviour, and (b)
compare products with other similar investment products. In order
to minimise compliance costs and administrative burdens for issuers
whose securities fall under both the Prospectus Regulation and
