ARTICLE
2 October 2019

Approval Of Consultation Paper And Q&As Pertaining To The New Prospectus Regulation

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WH Partners

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We are a law firm with a strong focus on assisting businesses fuelling the digital economy and not only in the territories we operate in. We have offices in Malta, Italy, Romania, and we operate Czech, Polish and UAE desks, as well as having a worldwide network of correspondent firms. We have a well-established practice advising clients on (in no particular order) fintech, gaming & gambling, corporate, M&A, tax, dispute resolution, corporate finance, intellectual property, data privacy and personal data processing, consumer protection & advertising, real estate, employment & immigration matters, sports, technology & media, competition & state aid. Our firm and several of our lawyers are highly ranked by Chambers & Partners, Legal 500, IFLR1000 and Who’s Who Legal.
On the 12 July 2019, ESMA published a Consultation Paper concerning draft Guidelines on disclosure requirements under the New Prospectus Regulation,...
Malta Corporate/Commercial Law

On the 12 July 2019, ESMA published a Consultation Paper concerning draft Guidelines on disclosure requirements under the New Prospectus Regulation, which aims to ensure that there is a common understanding of the relevant disclosure requirements and to assist national authorities when assessing the completeness, comprehensibility and consistency of information contained in the prospectuses.

This will be achieved by: (i) clarifying the content of the indebtedness statement; (ii) by providing new guidance on working capital statements to clarify how offerings should be considered when determining if an issuer can provide a clean working capital statement; and (iii) by providing guidance relating to working capital statements prepared by credit institutions and (re)insurance undertakings. Stakeholders may submit feedback to ESMA until the 04 October 2019.

Furthermore, ESMA has also published 25 Q&As on its website, with the intent of promoting uniform supervisory approaches and practices to be undertaken in the application of prospectus supervision. ESMA is also to publish a further 22 Q&As in relation to the new Prospectus Regulation which have already been published in relation to Prospectus Directive.

ESMA's Consultation Paper can be accessed here.

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.

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