European Union:
The Prospectus Regulation Is Coming: Getting Your Debt Prospectuses Ready
10 April 2019
Hogan Lovells
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The latest piece of the Prospectus Regulation puzzle has
arrived.
On 28 November, 2018, the European Commission published the
Commission delegated regulation and Annexes on the format, content,
scrutiny and approval of the prospectus (the Delegated Regulation).
The Delegated Regulation largely follows the European Securities
and Markets Authority's (ESMA) final report (published in March
2018), although there has been some reformatting of the
annexes.
The European Commission intends to adopt this Delegated
Regulation, which will apply, along with the Prospectus Regulation,
from 21 July, 2019. Market participants need to start thinking now
about how they are going to address these new requirements in their
debt prospectuses, in particular the:
- more prescriptive approach to risk
factors, which cannot be generic and must be categorised and
restricted;
- modified requirements for the summary
and interaction with the PRIIPs KID; and
- enhanced disclosure obligations for
credit‑linked notes and securitizations.
Some of these changes, such as the categorization of risk
factors, could lead to increased costs and liability for
issuers.
Download >> The Prospectus Regulation Is Coming: Getting Your
Debt Prospectuses Ready
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