News & Analysis as of August 30, 2025

Prospectus Regulation (PR3)

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Prospectus Regime Changes in the EU and UK—A Debt Capital Markets Update

A&O Shearman on 8/27/2025

The EU and UK prospectus regimes govern disclosure requirements for securities offered to the public and/or admitted to trading on a regulated market. Recent and forthcoming changes to these regimes have implications for...more

European Securities and Markets Authority Consultation on Technical Advice under the Prospectus Regulation and Call for Evidence

A&O Shearman on 11/6/2024

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...more

EU Debate on Usefulness of Equivalence Regime Under the Prospectus Regulation

A&O Shearman on 2/18/2020

The European Securities and Markets Authority has published a letter it addressed to the European Commission about the technical advice that the Commission requested from ESMA on the general equivalence criteria to guide...more

Final EU Secondary Legislation Under the Prospectus Regulation Published

A&O Shearman on 7/9/2019

Two Commission Delegated Regulations supplementing the EU Prospectus Regulation have been published in the Official Journal of the European Union. The first Regulation is on the format, content, scrutiny and approval of the...more

European Commission Adopts New Technical Standards under the Prospectus Regulation

A&O Shearman on 5/7/2019

The European Commission has adopted a draft Delegated Regulation containing Regulatory Technical Standards on requirements for...more

European Commission Adopts Draft Regulation on the Format, Content, Scrutiny and Approval of a Prospectus

A&O Shearman on 5/1/2019

The European Commission has adopted a draft Delegated Regulation on the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated...more

Final Draft Technical Standards Under the EU Prospectus Regulation Published

A&O Shearman on 8/1/2018

The European Securities and Markets Authority has published a final report setting out Regulatory Technical Standards supplementing the Prospectus Regulation, which will apply fully across the EU from July 21, 2019. ESMA...more

European Securities and Markets Authority Publishes Final Technical Advice under the Prospectus Regulation

A&O Shearman on 4/17/2018

The European Securities and Markets Authority has published its final report on its technical advice to the European Commission to supplement the provisions of the Prospectus Regulation with delegated legislation. The...more

ESMA Issues Technical Advice on Format and Content of Prospectuses: Focus on Proposed Deletion of Requirement to Include...

Jones Day on 12/6/2017

As noted above, the new Prospectus Regulation entered into force on 20 July 2017. Following a request for technical advice from the European Commission, the European Securities and Markets Authority ("ESMA") has published...more

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