EUROPEAN UNION: ESMA Consults on Disclosure Guidelines Under the Prospectus Regulation

Monday July 15 2019

On 12^th July 2019, the European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, launched a public consultation concerning its draft Guidelines on disclosure requirements under the Prospectus Regulation (PR).

ESMA is seeking stakeholders’ views on the draft Guidelines, whose purpose is to ensure that market participants have a uniform understanding of the relevant disclosure requirements and assist national competent authorities (NCAs) when they assess the completeness, comprehensibility and consistency of information in prospectuses.

The draft Guidelines cover topics, such as:

• historical financial information;
• interim financial information;
• profit forecasts and estimates;
• working capital statements; and
• capitalisation and indebtedness.

The draft Guidelines, to enhance comparability with other financial information, clarify the content of the indebtedness statement. New guidance on working capital statements is provided to clarify how offerings should be considered when determining if an issuer can provide a clean working capital statement.

Background

ESMA provides specific guidance concerning working capital statements prepared by credit institutions and (re)insurance undertakings.

Click here to respond to the consultation.

Next

The consultation period closes on 4 October 2019. ESMA will use the feedback received to finalise the draft Guidelines.

Click on the above link for further information.