ESMA Issues Revised Draft Prospectus Standards
The European Securities and Markets Authority has published its final report and draft regulatory technical standards (RTS) on prospectus-related issues under the Omnibus II Directive. The draft RTS specify procedures for the approval of prospectuses, publication of approved prospectuses and the dissemination of advertisements and other information relating to an offer or admission of securities to trading. ESMA has also now dropped its proposed changes relating to the incorporation of information by reference.
The European Commission has three months from 1 July 2015 to decide whether to endorse ESMA’s draft RTS.