Good news for GDR issuers – GDR programmes with headroom are acceptable in Europe!

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The European Securities and Markets Authority ("ESMA") has published a new version of its "Questions and Answers "prospectuses" which confirms at Question 77 that EU regulators should take a pragmatic approach to approving GDR prospectuses under the EU Prospectus Directive (Directive 2003/71/EC as amended by Directive 2010/73/EU) regime. Market participants will be aware that the UK Listing Authority had previously taken the view that a new prospectus should be prepared if new shares were deposited into a listed GDR facility after the original listing, which market participants believe would have been unworkable in practice.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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