ESMA is consulting on technical advice it needs to deliver to the Commission by the end of September. The advice covers:

  • format of base prospectus final terms;
  • format of summary of the prospectus and detailed form and content of key investor information to be included in it; and
  • a proportionate disclosure regime.

ESMA also has to advise on further issues, including:

  • equivalence of third-country markets;
  • consent to use a prospectus as a retail cascade;
  • review of the provisions of the Prospectus Regulation; and
  • a comparison of Member State liability regimes.

It is consulting on the first three elements now as it needs comments by 15 July. (Source: Consultation Paper: ESMA’s Technical Advice on Possible Delegated Acts under the Prospectus Directive)