On 2 July 2012, ESMA published the 15th version of its Prospectuses: Questions and Answers (Q&As).

The key change was the addition of a new question 80, dealing with the formatting requirements of the prospectus summary and specified wording to be incorporated in the introduction to the summary.

On 1 July 2012 the amended Prospectus Directive and Commission Delegated Regulation entered into force. Therefore some Q&As may no longer be valid or contain references to legislation that is incorrect. ESMA is in the process of updating and revising the Q&A document accordingly and , for this reason, on 23 July, ESMA published the 16th version of its Prospectuses: Questions and Answers (Q&As) to deal with issues concerning the consent to use a prospectus in retail cascades. In a funds context the Prospectus Directive only applies to closed ended funds.