Questions and answers : prospectuses ; 22nd updated version - October 2014

ESMA has updated its Q&A on prospectus related issues by including three new questions and answers together with two revised questions and answers all of which concern prospectus summaries. The newly added items concern the presentation of selected historical key financial information in the prospectus summary, minimum information on risks to be included in the prospectus summary and the information which can appear in the summary of an individual issue which did not appear in the summary of the base prospectus. Revisions were made to questions concerning prospectus summaries in the proportionate disclosure regime and the format of the individual summary relating to several securities. The updated questions are numbers 82, 91, 93, 94 and 95. The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive (PD) and its implementing measures. This is achieved by providing responses to questions received by the general public and competent authorities in relation to the practical application of the PD. The Q&A is aimed at competent authorities who carry supervisory responsibility under the PD and aims at ensuring convergence in supervisory activities across the EU.