2021-03-04

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Guidelines on disclosure requirements under the Prospectus Regulation

ESMA establishes guidelines to ensure consistent application of disclosure requirements in prospectuses under the Commission Delegated Regulation (EU) 2019/980. The document requires competent authorities and market participants, including persons responsible for a prospectus, to comply with these standards, which apply from two months after publication. Specific obligations include ensuring the Operating and Financial Review is tailored to investors, balanced, and covers material components of earnings and cash flows. Competent authorities must notify ESMA of their compliance status within two months of publication.

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European Securities and Markets Authority

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