• Implementation plans and monitoring, evaluation and reporting arrangements
Monitoring of the impact of the amended Prospectus Regulation will be carried out in cooperation with ESMA and NCAs in the context of the annual reports on prospectuses approved in the EU [Article 47 of the Prospectus Regulation.], which ESMA is empowered to produce every year. In addition, the Commission will in 5 years assess the application of the Prospectus Regulation and whether the different prospectuses remain appropriate for meeting the Regulation's objectives. When making its assessment, the Commission will strike an appropriate balance between achieving investor protection and minimising regulatory burden for companies.
The Commission will also assess the application of MAR in 5 years and report on the effects of this reform, in particular on the disclosure of inside information and the mechanism for exchanging order book data.
• Detailed explanation of the specific provisions of the proposal
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