Esma rows back on Prospectus Directive proposals

The European securities market regulator has retreated from proposals that market participants say would have forced significant additional costs on structured products issuers when preparing prospectuses under the forthcoming Omnibus II regime

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