On 20 September 2017, the European Commission published proposals to reform the EU's supervisory structure. This included extending the role and powers of ESMA with respect to market abuse and prospectuses, and signifies the first step towards the establishment of a single European capital markets supervisor.
Among other responsibilities, ESMA will be tasked with approving the following type of prospectuses:
- prospectuses for certain wholesale non-equity securities;
- prospectuses relating to asset-backed securities;
- prospectuses that are drafted by property, mineral, scientific research-based or shipping companies; and
- prospectuses drafted by non-EU country issuers.
The press release published by the European Commission can be found at:
http://europa.eu/rapid/press-release_IP-17-3308_en.pdf
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
