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)