On 9 June 2011, the European Securities and Markets Authority (ESMA)4 published the 13th version of its Frequently Asked Questions (FAQs) on ‘Prospectuses: common positions agreed by ESMA members’. The FAQs, first issued in July 2006, aim to give market participants responses to common questions on the Prospectus Directive (2003/71/EC) and the Commission’s Regulation on prospectuses (EC/809/2004). The FAQs are not, however, binding on the European Commission. ESMA: FAQs: Prospectuses: common positions agreed by ESMA Members: 13th updated version - June 2011 available at: http://www.esma.europa.eu/data/document/11_85.pdf