ESMA Publishes Its Advice On Delegated Acts For The Prospectus Directive

ESMA publishes the third part of its final advice on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the European Commission on 21 December 2012.

In its advice, ESMA proposes clarifications of, and amendments to, the Prospectus Regulation in order to increase legal clarity and propose application of the proportionate disclosure regime for convertible/exchangeable debt securities. Today’s advice follows a public consultation which began on 20 June 2012.

Overall, the technical advice aims to achieve a high level of investor protection and to increase the legal clarity and efficiency of the prospectus regime across the EU. Investment prospectuses as such are aimed at providing investors with easily accessible information on financial products so as to foster informed decision-making.