On the 12 July 2019, ESMA published a Consultation Paper concerning draft Guidelines on disclosure requirements under the New Prospectus Regulation, which aims to ensure that there is a common understanding of the relevant disclosure requirements and to assist national authorities when assessing the completeness, comprehensibility and consistency of information contained in the prospectuses.

This will be achieved by: (i) clarifying the content of the indebtedness statement; (ii) by providing new guidance on working capital statements to clarify how offerings should be considered when determining if an issuer can provide a clean working capital statement; and (iii) by providing guidance relating to working capital statements prepared by credit institutions and (re)insurance undertakings. Stakeholders may submit feedback to ESMA until the 04 October 2019.

Furthermore, ESMA has also published 25 Q&As on its website, with the intent of promoting uniform supervisory approaches and practices to be undertaken in the application of prospectus supervision. ESMA is also to publish a further 22 Q&As in relation to the new Prospectus Regulation which have already been published in relation to Prospectus Directive.

ESMA’s Consultation Paper can be accessed here.