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The purpose of this document is to promote common supervisory approaches and practices in the application of the PD and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the PD.
The content of this document is aimed at competent authorities under the PD to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, these responses are also meant to provide market participants with an indication of what constitutes proper implementation of the PD rules. The answers are intended to help issuers of securi-ties by providing clarity as to the content of the PD requirements without necessarily imposing an ex-tra layer of requirements.
