In December, ESMA published the 23rd updated version of its Q&A on Prospectuses.

The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures across the Member States of the EU.

A new question 96 has been added in the 23rd version, regarding the level of disclosure which should be included in a prospectus related to securities which may be subject to write-down or conversion powers under the Bank Recovery and Resolution Directive (BRRD). Additionally, the existing question 26 on calculation of the €5 million threshold in Article 1(2)(h) of the Prospectus Directive has been extended to cover also calculation of the €75 million threshold in Article 1(2)(j).