Regulatory Alerts2020-09-30
Public Statement on Revising Prospectus Directive Guidance and CESR Specialist Issuer Recommendations
The European Securities and Markets Authority (ESMA) issued this public statement to clarify the ongoing revision of Prospectus Directive Q&As and confirm that CESR recommendations for specialist issuers remain applicable. ESMA categorizes existing guidance into those to be deleted, updated in the coming months, or forwarded to the European Commission based on their interpretation of Union law. Issuers and advisors should continue applying compatible Q&As until their respective deadlines or formal updates take effect.
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