ESMA has published its 20th version of Q&As on prospectuses. Two questions have been revised: the need to provide pro forma financial information in the prospectus, and the level of disclosure when the price information for share offerings cannot be given in the prospectus.  The amendments apply as from 28 January 2014. This will provide market participants sufficient time to adjust to the new approaches. From that moment on, the revised answers will apply.

Two new questions concerning the proportionate disclosure regime for prospectuses for rights issues have been included. A third new question has been included on the agreement of the auditor in relation to profit estimates. The answers to these questions apply immediately.

Other publications of ESMA can be found under Financial Market Regulations Update.