Regulatory Alerts2020-06-04
Added · Updated
Commission Delegated Regulation (EU) 2020/1273 amending Delegated Regulation (EU) 2019/980 on prospectus formats and content
The European Commission amends Delegated Regulation (EU) 2019/980 to subject convertible, exchangeable, and derivative securities to the lighter disclosure rules applicable to non-equity securities. It reduces administrative burdens by allowing issuers using a universal registration document to submit only the annual financial report in XHTML format rather than the complete document. The regulation also mandates working capital statement disclosures for all equity issuers in EU Growth prospectuses, clarifies disclosure orders for derivative securities, and aligns audit report requirements for historical financial information regardless of specific EU audit directives. Additionally, it corrects erroneous references in Articles 33 and 42 and validates prospectuses approved between July 2019 and September 2020.