In a funds context, the Prospectus Directive only applies to listed closed ended funds. ESMA issued version 21 of its Prospectuses: Questions and Answers with two new questions dealing with:

  • Q 91; Format for the individual summary relating to several securities. Article 24(3) of the Prospectus Regulation (Regulation 809/2004) recognises the possibility of an individual  summary relating to several securities and ESMA gives two options for formats for the individual summary.
  • Q 92; Applicable registration document schedule; where a listed issuer proposes to issue convertible or      exchangeable debt securities and the underlying securities are the issuer's shares. A debt registration document can be used where the shares are already issued and admitted to trading on a regulated market.