Updated ESMA Q&A On Prospectuses

On 21 October 2014, ESMA published an updated version of its Q&A on prospectuses.

This update concerns:

• the summaries in relation to proportionate disclosure regimes;

• the format for the individual summary relating to several securities;

• the presentation of selected historical key financial information in the summary;

• the minimum information required in Section D of Annex XXII of the Prospectus Regulation; and

• the inclusion of "extra" information in individual summaries.