ESMA's Final Technical Advice on the Implementation of Amendments to the Prospectus Directive

October 17, 2011

On October 4, 2011, the European Securities and Markets Authority delivered its final advice to the European Commission on the implementation of amendments to the Prospectus Directive. ESMA’s advice deals with three key areas of the Prospectus Directive regime: (i) final terms in debt transactions; (ii) prospectus summaries; and (iii) a reduced disclosure regime for rights issues and certain other offerings.