On 22 October 2014, ESMA published the 22nd version of its Questions and Answers (Q&A) on Prospectus issues.

The Q&A is aimed at competent authorities who carry supervisory responsibility under the Prospectus Directive and aims at ensuring convergence in supervisory activities across the EU. The purpose of the Q&A is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures across the EU.

According to ESMA, the newly added items concern the presentation of selected historical key financial information in the prospectus summary, minimum information on risks to be included in the prospectus summary and the information which can appear in the summary of an individual issue which did not appear in the summary of the base prospectus.

ESMA states that revisions were made to questions concerning prospectus summaries in the proportionate disclosure regime and the format of the individual summary relating to several securities.