Esma rows back on Prospectus Directive proposals

Provisions on documentation eased but industry says more work needed on advertising rules

Prospectus Directive: Esma has scrapped most onerous proposals

European regulators have scrapped onerous prospectus requirements for structured products – which issuers say could have cost them as much as €40,000 ($44,400) in legal fees for each product – in updated draft regulatory technical standards (RTSs) published on July 1. 

In its final report on the draft RTSs on prospectus-related issues under the Omnibus II Directive, the European Securities and Markets Authority (Esma) set out rules covering prospectus approval, publication and the advertising of

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