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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today released a Public Statement on prospectus supervision in the context of EU sanctions over Russia’s invasion of Ukraine.
The purpose of this Public Statement is to alert stakeholders to the European Commission’s FAQs, which outline the legal basis for a national competent authority (NCA) refusing to approve a prospectus. It also aims to raise awareness of the fact that NCAs may ascertain issuers’ compliance with EU sanctions legislation when submitting prospectuses.
ESMA recognises the human cost of Russia’s military aggression against Ukraine, and the significant challenges to business activities and effects on the global economic and financial system posed by the invasion.
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