Paris, 28 October 2024
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Consultation Paper (CP) on draft technical advice under the Prospectus Regulation and a Call for Evidence (CfE) on Prospectus Liability.
The Consultation contains recommendations meant to facilitate European capital market activity by streamlining and reducing regulatory burden. In addition, it also puts forward proposals for non-equity securities that are advertised with ESG features and proposals to update the data reporting requirements to consider the changes introduced by the Listing Act.
The Listing Act calls for an analysis of liability for the information given in a prospectus and an assessment of whether further harmonisation is warranted in this regard. It also calls for proposals of amendments to the liability provisions to be presented if relevant. The Call for Evidence on Prospectus Liability therefore aims to gather input to provide technical advice on whether further harmonisation should be considered.
The Listing Act seeks to simplify the listing rules for companies that want to list on public stock exchanges, while also preserving transparency, investor protection and market integrity.
Next steps
Stakeholders are invited to send their contribution to the CP and CfE by 31 December 2024. ESMA will publish in Q2 2025 its final technical advice to the European Commission in two separate final reports based on feedback received.
Related Documents
- Consultation Paper on draft technical advice concerning the Prospectus Regulation and on updating the CDR on metadata
- Call for evidence on potential further steps towards harmonising rules on civil liability pertaining to securities prospectuses under the Prospectus Regulation
Source – ESMA