Prospectuses

The EEA Prospectus Regulation, previously the EEA Prospectus Directive, seeks to ensure that adequate and equivalent disclosure standards are in place in all EEA Member States when securities are made available for all EEA investors either through a public offer or because they are admitted to trading on a regulated market.

Following the UK’s withdrawal from the EU, the EEA Prospectus Regulation initially forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. The UK is currently considering various changes to the UK prospectus regime.

Since the inception of the EEA prospectus regime, ICMA has taken the lead at all levels of the debate to protect and promote the efficiency and smooth functioning of the new issues market in Europe.

ICMA members are also considering issues related to climate-related and other ESG disclosures in prospectuses for new bond issues and the impact of technological developments.


General:

Consolidated ICMA Quarterly Report articles on prospectus-related matters are available here.


EEA prospectus regime-related materials

3 August 2021 
21 December 2018
ICMA feedback to European Commission on draft delegated regulation and annexes supplementing the new Prospectus Regulation

1 October 2018
ICMA response to ESMA Consultation Paper on Guidelines on risk factors under the Prospectus Regulation

8 March 2018
ICMA response to ESMA “Consultation on draft RTS under the new Prospectus Regulation” (Prospectus Regulation Level 2)

4 December 2017
ICMA feedback to European Commission’s Review of the European Supervisory Authorities – amendments to Prospectus Regulation 2017/1129

28 September 2017
ICMA response to ESMA “Consultation Paper on the format and content of the prospectus” (Prospectus Regulation Level 2)
ICMA response to ESMA “Consultation Paper on scrutiny and approval” (Prospectus Regulation Level 2)

1 May 2015
ICMA response to European Commission Consultation Document on a Review of the Prospectus Directive


UK prospectus regime-related materials

1 October 2021
ICMA podcast: Primary bond markets regulation post-Brexit - what’s the UK planning?

23 September 2021
ICMA response to HM Treasury’s UK Prospectus Regulation Regime Review

14 September 2021
ICMA response to FCA CP 21/21 Primary Markets Effectiveness Review

27 August 2021
ICMA response to HM Treasury’s consultation on power to block listings on national security grounds.

18 December 2020
ICMA response to the UK Listings Review call for evidence.

8 June 2016
ICMA response to FCA Primary Market Bulletin No. 14 consultation on UKLA Technical Note 634.1 relating to financial information on guarantors in debt prospectuses and requests for omission


Climate and other ESG-related prospectus materials

20 October 2021
ICMA response to the UK FCA consultation paper 21/24 on diversity and inclusion on company boards and executive committees.

10 September 2021
ICMA response to the UK FCA consultation paper CP21/18 on enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets.

8 July 2021
ICMA Quarterly Report article ESG disclosure for new bond issues

15 June 2021
ICMA response to the US SEC consultation on climate-related disclosures.

1 October 2020
ICMA response to the UK FCA consultation paper CP20/3 on proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations.

15 July 2020
Q. 25 and Q. 26 of the ICMA response to the European Commission’s consultation on its Renewed Sustainable Finance Strategy.


Technological-related materials

2 March 2021
ICMA response form and additional remarks on European Commission consultation on a European single access point (ESAP)

25 June 2020
ICMA response to European Commission Consultation on a new digital finance strategy for Europe / FinTech Action Plan

18 March 2020
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