On April 3, the European Securities and Markets Authority (ESMA) published a final report with its technical advice under the European Union Prospectus Regulation. The report covers the format and content requirements for a prospectus, the EU growth prospectus, and the scrutiny and approval process for a prospectus.

The publication of the report is in line with the timescale set out in the mandate from the European Commission (EC) received by ESMA on February 28, 2017 (Mandate); the report fulfils the first part of the mandate.

The second part of the mandate, to be received by the EC by August 31, focuses on documents containing the minimum information required for a takeover by way of an exchange offer, a merger or a division. It also covers advice regarding the general equivalence criteria that should be applied with respect to the information requirements imposed by third countries.

The report is available here.

ESMA’s press release in relation to the report is available here.