Regulatory Alerts2026-09-09
Added
Final Report on the Guidelines on supplements which introduce new securities to a base prospectus
ESMA is issuing Guidelines to specify the circumstances in which a supplement is considered to introduce a new type of security not already described in a base prospectus, as required by Article 23(8) of the Prospectus Regulation (PR). These Guidelines aim to align EU-wide supervision, addressing longstanding divergence among National Competent Authorities (NCAs) regarding the use of supplements for new securities, which has led to inconsistent requirements for issuers. The Guidelines clarify that a supplement to a base prospectus shall not be used to introduce a new type of security for which the necessary information has not been included in that base prospectus, unless doing so is necessary to comply with capital requirements under Union or national law. The Guidelines, set out in Annex III of this Final Report, will become effective two months after their publication on ESMA’s website in all official EU languages.
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