On 15 July 2016, the European Securities and Markets Authority ("ESMA") published an updated version of its Q&A to include two new questions. The first new question concerns the applicability of the requirements under Article 11(3) of Commission Delegated Regulation (EU) 2016/301. ESMA clarified that a new roadshow would not have to be organised in order to deliver an amended version of the information provided in the original, but the general requirement to amend the roadshow advertisement still applies. ESMA added it is the responsibility of the issuer, offeror or person asking for admission to trading to disseminate the amended version of the information by the most suitable means.
The second new question concerns how an issuer, offeror or person asking for admission to trading should proceed when a participant at a live presentation requests information about an alternative performance measure that is not included in the prospectus. ESMA clarified that such an issuer, offeror or person asking for admission to trading should decline to provide an answer, as otherwise there would be a breach of Article 12 of Commission Delegated Regulation (EU) 2016/301.
Version 25 of ESMA's Q&A on prospectuses 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.
