Further to the different information requirements allocated to ESMA by the Directive 2010/78/EU (the so called Omnibus Directive) and reflected in the Amended Prospectus Directive (the Prospectus Directive as amended by Directive 2010/73/EU), ESMA informs its website users and stakeholders that, until further notice, the information required on Prospectus will only be available at the relevant National Competent Authority.
The information will be available in one of the forms detailed in article 14.4 of the Amended Prospectus Directive.
Article 14.4. of the Prospectus Directive: the competent authority of the home Member State shall publish on its website over a period of 12 months, at its choice, all the prospectus approved, or at least the list of prospectuses approved in accordance with Article 13, including, if applicable, a hyperlink to the prospectus published on the website of the issuer, or on the website of the regulated market.
Therefore, a list of Competent Authorities together with a hyperlink to their webpage giving either direct access to the prospectus list or to the prospectus electronic files is available on the following page: http://www.esma.europa.eu/page/Prospectuses-and-supplements
This situation will only be transitory as ESMA has established a global IT project that aims at enabling ESMA to display in the future on its website in a centralised manner all the information gathered from all National Competent Authorities and to be published by ESMA according to the provisions of the Omnibus Directive (and other future legislation).
The project objective is to create the adequate pro-forma of the data to be reported by Member States and National Competent Authorities to ESMA and establish the IT data exchange, storage, and update mechanism including an adequate interface to publish the data on ESMA’s website.
Background information
The Directive 2010/78/EU of 24 November 2010 (the so called Omnibus Directive) introduces amendments to the articles 13, 14 and 18 of the Prospectus Directive 2003/71/EC.
1) Article 13.2.3: “the competent authority shall notify ESMA of the approval of the prospectus and any supplement thereto at the same time as that approval is notified to the issuer, the offeror or the person asking for admission to trading on a regulated market, as the case may be. The competent authorities shall at the same time provide ESMA with a copy of the prospectus and any supplement thereto.”
2) Article 14. 4. a): “ESMA shall publish on its website the list of prospectuses approved in accordance with article 13, including, if applicable, a hyperlink to the prospectus published on the website of the issuer, or on the website of the regulated market. The published list shall be kept up-to-date and each item shall remain on the website for a period of at least 12 months”.
3) Article 18. 3: “the competent authority of the home Member State shall notify ESMA of the certificate of approval of the prospectus at the same time as it is notified to the competent authority of the host Member State. ESMA and the competent authority of the host Member State shall publish on their websites the list of certificates of approval of prospectuses and any supplements thereto, including if applicable, a hyperlink to those documents published on the website of the competent authority of the home Member State, on the website of the issuer, or on the website of the regulated market. The published list shall be kept up-to-date and each item shall remain on the websites for a period of at least 12 months”.
The entry into force of the Omnibus Directive was 31 December 2011.
FTSE Mondo Visione Exchanges Index:
Publication Of A List Of Prospectuses And Supplements On ESMA’s Website
Date 22/02/2012