Regulatory Alerts2015-07-01
Draft Regulatory Technical Standards on Prospectus-Related Issues Under the Omnibus II Directive
The European Securities and Markets Authority (ESMA) published this final report detailing amendments to draft regulatory technical standards that standardize prospectus approval, incorporation by reference, publication, and advertisement dissemination under the Omnibus II Directive. The revised framework mandates searchable electronic submission of all prospectus versions, clarifies National Competent Authority review procedures, streamlines cross-reference list requirements, and establishes strict timelines for approval notifications and public availability. After incorporating stakeholder feedback and conducting a cost-benefit analysis, ESMA will forward the finalized draft to the European Commission for endorsement to harmonize EU prospectus rules and mitigate issuer compliance costs.