ESMA consultation covers, among other issues, the format of the final terms to the base prospectus, proportionate disclosure regime, and the equivalence of third-country financial markets.
The Mandate to
ESMA sets out the areas where the Commission is requesting advice in sections 3, 4 and 5.
ESMA has been asked to deliver its advice on sections 3.1 and 3.2 by 30 September 2011, and has also decided to deliver its advice on the areas included in section 3.3 by 30 September because of the importance of the areas concerned.
In order to deliver its advice to the Commission,
ESMA has decided to split its advice giving this first advice on possible delegated acts concerning the Prospectus Directive responding to sections 3.1, 3.2 and 3.3 of the Commission Mandate by 30 September 2011. In order to finalise the advice by the due deadline,
ESMA considers it necessary to conduct a shortened consultation on these sections of the Mandate in order to deliver robust advice to the Commission.
Deadline for comments is 15 July 2011.
Consultation
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