The European Securities and Markets Authority has published a consultation paper on draft technical advice under the EU Prospectus Regulation and a call for evidence on prospectus liability. The consultation recommendations aim to facilitate European capital market activity by streamlining and reducing regulatory burden. It also puts forward proposals for non-equity securities that are advertised with ESG features and proposals to update the data reporting requirements to consider the changes introduced by the Listing Act. The Listing Act calls for an analysis of the liability of the information given in a prospectus and an assessment of whether further harmonization is warranted in this regard. It also calls for proposals of amendments to the liability provisions to be presented if relevant. As such the call for evidence on prospectus liability aims to gather input to provide technical advice on whether further harmonization should be considered. The deadline for comments on both publications is December 31, 2024. ESMA aims to publish its final technical advice to the EC in two separate final reports based on feedback received in Q2 2025.
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