The European Securities and Markets Authority (‘ESMA’) has published version 20 of its Prospectuses: Questions and Answers (‘Q and As’). The up-dated document:

  • introduces Q and As covering the following topics:
    • the statement of the auditors’ agreement where a prospectus includes a profit estimate (question 88);
    • the application of the proportionate disclosure regime to a rights issue that is not fully subscribed (question 89); and
    • the proportionate disclosure regime for rights issues and admission to trading (question 90); and
  • up-dates the current answers to the existing questions relating to:
    • pro forma financial information (question 51); and
    • the level of disclosure concerning price information for share offerings (question 58).

Prospectuses: Questions and Answers 20th updated version, October 2013, available at:

http://www.esma.europa.eu/system/files/2013-1537_qa_ prospectuses_-_20th_updated_version_0.pdf