The European Securities and Markets Authority (ESMA) has updated its questions and answers on the Prospectus Regulation.
This update offers better clarifications on the application of Article 4(1) of the CRA Regulation to credit rating disclosure in prospectuses. It also clarifies how to determine home Member State in the context of global depository receipts over shares.
Finally, the update offers information on the publication of supplements to prospectuses when new audited annual financial information is published by a non-equity issuer.
ESMA published the update to promote common supervisory approaches and practices in the application of prospectus supervision. It also hopes they aim to provide market parties with guidance on how national competent authorities will apply the Prospectus Regulation.
Moving forward, the regulator is building a web-based tool to facilitate the submission of questions and the publication of questions received as well as answers to admissible questions.
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