The consultation covers updated disclosure expectations across prospectus sections, including management reports, financial information and fund-portfolio breakdowns.
The European Securities and Markets Authority (Esma) has launched a consultation on proposed updates to its Guidelines on disclosure requirements under the Prospectus Regulation, following amendments introduced by the Listing Act. Esma proposed two new guidelines on the incorporation of management reports The paper outlines revisions to reflect deletions in Commission Delegated Regulation 2019/980, including the removal of disclosure items relating to operating and financial review, capitali