In March 2011 ESMA updated and revised paragraphs 131-133 of the CESR Recommendations on the con-sistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Di-rective (hereinafter the “Recommendations”) which address the information that should be disclosed by mineral companies in prospectuses. ESMA's update of these provisions represented a significant reform for this area, harmonising mineral reserves and resources disclosure in prospectuses drawn-up in accord-ance with the Prospectus Directive for the first time.
The system established in March 2011 provided that reserves and resources disclosure in prospectuses should be in accordance with one of a number of internationally recognised mineral reserves and re-sources reporting codes endorsed in the ESMA update of the CESR Recommendations. Since the update in March 2011, ESMA has been approached and asked to add additional reporting codes to that list.
ESMA is also taking this opportunity to address a number of issues that have been brought to its attention by Member States since the entry into force of the revised Recommendations.
This consultation is being conducted in accordance with Article 16 (2) of the Regulation (EU) No 1095/2010.
