A Delegated Regulation of the Commission, amending the Prospectus Regulation, came into force on 22 September 2012. This delegated regulation relates to the consent given by issuers for the use of the prospectus, for example in the case of resale or final placement of securities via financial intermediaries. The delegated regulation provides that the consent must be included in the actual prospectus. In addition, the delegated regulation specifies what information must be provided when the underlying value of derivatives consists of an index. Finally, the regulation lists situations in which an independent auditor's report does not have to be included in forecasts and estimates.
The delegated regulation does not apply to the approval of a supplement to a prospectus or base prospectus if the prospectus or base prospectus was approved before 22 September 2012.
The ESMA has revised its Questions and answers on prospectuses in connection with the delegated regulation taking effect. Q&As about legislation that has not yet entered into force have been removed. A new Q&A has been added about the relationship between the proportionate disclosure rules and the information to be included in the summary of the prospectus.