Commission publishes Roadmap on delegated legislation required under Prospectus Regulation

The new Prospectus Regulation (2017/1129) came into force on 20 July 2017 and will be fully and directly applicable in Member States from 21 July 2019. Certain aspects of the Prospectus Regulation require further specification in a delegated act to be adopted by the Commission. The delegated legislation will complement the “single prospectus rulebook” to ensure that national competent authorities each interpret and apply the Prospectus Regulation in the same way. It will do this by supplementing the policy framework laid down in the Prospectus Regulation with more details and specifications for those areas where the Commission has been empowered to do so.

The delegated legislation will cover the following areas:

• reduced content and standardised format and sequence for the EU Growth prospectus
• format of the standard prospectus, the base prospectus and final terms, and the schedules defining the specific information which must be included in a prospectus
• reduced information to be included in the schedules applicable under the simplified disclosure regime for secondary issuances
• the schedule defining the minimum information contained in the Universal Registration Document (URD)
  criteria for the scrutiny of the URD and its amendments and the procedures for the approval, filing and review of those documents, and
• criteria for the scrutiny of prospectuses, in particular the completeness, comprehensibility and consistency of the information contained in them, and the procedures for their approval.

The delegated legislation will be based on technical advice provided by ESMA.

The consultation period for the Commission’s Roadmap ends on 22 May 2018.

For further information on the Prospectus Regulation, see “The new Prospectus Regulation: Key features for equity issuers.”