The European Securities and Markets Authority (ESMA) is publishing three Consultation Papers (CP) on the Prospectus Regulation. The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors.
The three CPs contain draft technical advice on the format and content of the prospectus, on the EU growth prospectus and on scrutiny and approval. The key draft proposals for consultation include:
For prospectuses required when securities are offered to the public or admitted to trading on a regulated market, ESMA proposes largely maintaining the existing regime but also proposes a number of targeted alleviations in order to reduce the burden and costs on issuers (e.g. by removing the requirement for a report by auditors or independent account
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