On July 11, 2023, the European Securities and Markets Authority (ESMA) issued a Public Statement outlining its expectations for sustainability-related disclosures to be incorporated into prospectuses. In its statement, ESMA...more
On 11 July 2023, the European Securities and Markets Authority (ESMA) published a public statement on sustainability disclosure in prospectuses, available here: ESMA32-1399193447-441 Statement on sustainability disclosure in...more
The Council of the European Union and the European Parliament announced, on 28 February 2023, that provisional agreement on the European Green Bond Standard (the EU GBS and the Regulation) had been reached. More recently the...more
ESMA warns against investor protection risks and provides guidance on expected disclosures. On 15 July 2021, ESMA published a statement on the prospectus disclosure and investor protection issues raised by special...more
Prospectus Regulation - ESMA publishes Final Report on prospectus disclosure guidance to replace CESR Recommendations - Background - On 15 July 2020, ESMA published its Final Report1 on guidelines for disclosure...more
In this newsletter, we provide a snapshot of the principal European, U.S., U.K. and selected international governance and securities law developments of interest to European corporates. ...more
ESMA has updated its CESR recommendations in line with the Prospectus Regulation and has taken this opportunity to clarify its expectations on key areas such as working capital statements and pro forma information. The...more
On 11 March 2020 ESMA has issued a public statement in relation to the impact of COVID-19 outbreak on financial markets in the European Union. As a result, issuers will have to take action in order to cope with the current...more
EU DEVELOPMENTS - Corporate and Capital Markets - Institutional Investment: ESMA Report on Undue Short-Term Pressure on Corporations (Corporate Aspects) - On 18 December 2019, the European Securities and Markets...more
On 21 July 2019 the new Prospectus Regulation (Regulation (EU) 2017/1129) (the “New Prospectus Regulation”) regime repealed and replaced the previous Prospectus Directive (“PD2”) regime in all EU Member States....more
Within a fortnight of each other, the STS Notification RTS was published in final form and the homogeneity RTS for STS securitisations will enter into force. This alert highlights how STS securitisations will be affected. ...more
A new Luxembourg act dated 16 July 2019 on prospectuses for securities and implementing the Prospectus Regulation (the New Prospectus Act) was published in the Luxembourg Official Gazette on 18 July 2019. ...more
On 20 July 2017, the EU Prospectus Regulation (the “Prospectus Regulation”) entered into force. The Prospectus Regulation was created as part of a group of proposals identified in the European Commission’s Capital Markets...more
On March 29, the European Sescurities and Markets Authority (ESMA) published a report setting out final guidelines on how national competent authorities (NCAs) should review risk factors as required by the new Prospectus...more
After its entry into force on 20 July 2017, the new Prospectus Regulation ("PR3") will become fully applicable from 21 July 2019. It will replace the previous EU Directive 2003/71/EC (the "Prospectus Directive"). The change...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more
The European Securities and Markets Authority has published a consultation paper on its draft technical advice to the European Commission on the minimum information content of documents provided for the purpose of describing...more
Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements: On April 2, 2018, the Board of Governors of the Federal Reserve System, the Federal...more
The European Securities and Markets Authority has launched a consultation on draft Regulatory Technical Standards under the new EU Prospectus Regulation which entered into force on July 20, 2017. ESMA seeks feedback on the...more
CSSF Statement Confirming Support of ESMA's Position on Supervisory Convergence/Regulatory Arbitrage - The CSSF published a statement confirming its support of ESMA’s position on the matter of supervisory convergence /...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. In this issue we look at the extension of the PSC regime to Scottish limited partnerships and AIM listed companies,...more
A new prospectus regulation (Regulation (EU) 2017/1129) (the Regulation) will come into direct effect on 20 July 2017, with a small number of provisions applying immediately and the remainder applying from 21 July 2019. The...more
Publication du règlement dit « Prospectus » abrogeant la directive Prospectus - Le 30 juin 2017 a été publié au Journal officiel de l’UE le règlement n° 2017/1129 du 14 juin 2017 concernant le prospectus à publier en cas...more
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more
A new era for the UK's capital markets? FCA publishes proposals to reform the UK's capital markets and IPO process - The FCA has published a package of measures to reshape and enhance the UK's primary markets. These are...more