The European Securities and Markets Authority, ESMA, recently published a consultation paper on a second set of topics relating to the implementation of amendments to the Prospectus Directive. The deadline for comments is January 6, 2012.
If adopted, ESMA’s proposals would clarify the disclosure requirements for retail cascades and relax the requirements around the inclusion of preliminary annual results statements in prospectuses.
On the other hand, ESMA recommends that the Commission not pursue certain other far-reaching changes suggested in its mandate, such as the complete repeal of the requirement for accountant’s reports on profit forecasts and estimates.