ESMA consultation on amending the Prospectus Directive - ACT response

ESMA consulted on three specific technical areas covering the prospectus directive.

These were:

• the format of base prospectus final terms;
• the format of the summary of the prospectus and detailed form and content of key investor information to be included in it; and
• a proportionate disclosure regime.

The ACT does not agree with appending the base prospectus summary to the final terms and the ACT expressed some concerns on the proposed specific form of the prospectus summary. The ACT concurs with ESMA that disclosure for rights issues should be less than for new issues and have asked ESMA to reconsider if the requirements can be further trimmed back.