On October 28, ESMA published version 20 of its “Prospectuses: Questions and Answers.” Three new questions have been incorporated, addressing the following areas:

• Statement of auditors’ agreement where a prospectus includes a profit estimate (question 88);
• Application of proportionate disclosure regime to a rights issue that is not fully subscribed (question 89); and
• Proportionate disclosure regime for rights issues and admission to trading (question 90).

The existing questions relating to pro forma financial information (question 51) and level of disclosure concerning price information for share offerings (question 58) have been updated.

Note that as the revised responses to these questions include changes to current market practices, they are subject to a 3 month phase-in period and will not take effect until January 28, 2014. Prospectuses: Questions and Answers.