EU Prospectus Reform And Liability

EU Prospectus Regulation Reform

The European Securities and Markets Authority ("ESMA") has published its final reports on the Prospectus Regulation (the "Regulation") and civil prospectus liability. Together, these reports aim to facilitate capital market activity by reducing regulatory burdens, following a detailed review of feedback and evidence collected through public consultations.

Key elements of the Regulation report include:

• Advice on the content and format of prospectuses;
• Proposed disclosure annexes for non-equity securities marketed with Environmental, Social, and Governance ("ESG") features;
• Guidance on the scrutiny of information presented in prospectuses;