On March 23, 2011, the European Securities and Markets Authority (ESMA), the successor entity to the Committee of European Securities Regulators (CESR), published an update of the CESR’s Recommendations (Recommandations) for the consistent implementation of the European Commission's Regulation on Prospectuses, with revised guidance as to the content requirements of prospectuses issued by resource companies, including, for the first time, recommendations as to content requirements of a competent