Equity capital markets — supplementary prospectuses: when are they required?

On 15 March 2013, the European Securities and Markets Authority (ESMA) published a consultation paper on a draft regulatory and technical standard (RTS) concerning situations which, if they arise, will always require the publication of a supplement to the prospectus. Responses must be submitted by 14 June 2013.

A procedure was established in the Prospectus Directive (Directive 2003/71/EC) to ensure that every significant new factor, material mistake or inaccuracy relating to information in the prospectus
which is capable of affecting the assessment of the securities is published in a supplement to the prospectus.

The consultation paper sets out a draft RTS concerning situations that will require the publication of a supplement to the prospectus which ESMA is obliged to develop in accordance with the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1) of the Prospectus Directive to publish in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities…

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