ESMA has published an updated version of its Prospectuses: Questions and Answers document.  

This is the 15th iteration of the Q&A document since its inception in 2006. ESMA, which took over from its predecessor, the Committee of European Securities Regulators, on 1 January 2011, is an independent EU authority with responsibility for safeguarding the stability of the EU’s securities markets.

The purpose of the ESMA Q&A document, which was last updated in April 2011, is to promote common approaches and practices in the application of prospectus law across the EU, by providing responses to frequently asked questions posed by the general public and competent authorities in the area.

The updated version of the Q&A document includes all the questions and answers previously adopted. The principal change since the last published version is the addition of a new Question 80, which provides guidance on the requirements of the prospectus summary, including specific wording to be incorporated into the summary. Question 45, regarding information on taxes on the income from securities withheld at source, and Question 78, regarding the specific details in the case of Category B items, have also been updated since the last version of the Q&A.