Regulatory Alerts2025-06-12
ESMA Final Report on Technical Advice Concerning Civil Prospectus Liability
ESMA issued this final report to provide technical advice to the European Commission on whether further harmonisation of civil prospectus liability under the Prospectus Regulation is warranted. The analysis concludes that the current regime is well-balanced and that Member States' diverse liability laws are not a primary obstacle to cross-border offerings, thereby advising against comprehensive reform at this stage. ESMA identifies safe harbour rules for forward-looking statements and private international law rules as the only two areas potentially worthy of further debate should the Commission pursue changes.
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