On 1 July 2015, the European Securities and Markets Authority (ESMA) published its final report containing draft regulatory technical standards (RTS) on prospectus related issues in accordance with its mandate under the Omnibus II Directive (Directive 2014/51/EU). The report includes a summary of the main responses on these issues to ESMA's consultation paper which was published in September 2014. The draft RTS included in the report include provisions which specify the procedures for the approval of prospectuses; the publication of approved prospectuses and the dissemination of advertisements. In response to feedback received during the consultation, ESMA explains why it has decided not to respond to the part of its mandate regarding the adjustment of time limits in relation to the approval of prospectuses and the mandate regarding incorporation by reference. The report also explains the changes made to the original proposals contained in the consultation paper.

The final report was required to be submitted to the European Commission by 1 July 2015, following which the Commission has three months to decide whether to endorse the RTS. The Omnibus Directive must be applied by member states from 1 January 2016. Click here to read the report.