New version of Questions and answers on prospectuses

ESMA has published the 18th version of its Questions and answers on prospectuses (link). The list of questions has been amended on a number of points. Some questions had become obsolete because of new clarifications and amendments to regulation. In other instances ESMA adjusted or incorporated answers given by its predecessor CESR. ESMA also included a new question about information to be provided under the Prospectus Regulation about the type of underlying value of securities.

Memorandum of Understanding with Brazilian supervisor

The European supervisors and the Brazilian Comissão de Valores Mobiliários have agreed to cooperate and exchange information on cross-border supervision of alternative investment funds, including hedge funds, private equity funds and real estate funds.

Advice on delegated acts of the Prospectus Directive

The ESMA has submitted the third part of its final advice on possible delegated acts for the Prospectus Directive to the European Commission. In its advice, the ESMA proposes clarifications of, and amendments to, the Prospectus Regulation in order to increase legal clarity and propose application of the proportionate disclosure regime for convertible/exchangeable debt securities.

Other ESMA publications

  • MiFID Supervisory Briefing – appropriateness and execution only (link)
  • MiFID Supervisory Briefing – suitability (link)
  • Joint Committee publishes report on the implementation of anti-money laundering and counter-terrorist financing requirements for e-money in the EU (link)
  • Guidelines on repo arrangements for UCITS funds (link)
  • Opinion on the interpretation of Article 50(2)(a) of the UCITS Directive (link).
  • Waivers from Pre-trade Transparency - CESR positions and ESMA opinions (link)
  • Guide to investing (link)
  • 2013 CRA work programme (link)