The amended Prospectus Directive was adopted in 2010. In a second technical advice to the European Commission on possible delegated acts under the directive, ESMA deals with issuers’ prior consent to “retail cascade offerings” and provides its feedback following its review of the current Prospectus Regulation.
Under the provisions of the amended Prospectus Directive, the European Securities and Markets Authority (“ESMA”) was required to provide a technical advice to the European Commission on a number of topics for the purpose of adoption of delegated acts by the Commission. ESMA delivered its first advice to the Commission in that regard on 4 October 2011. ESMA’s first advice dealt with issues relating to, inter alia, the format, content and structure of prospectuses, summaries and supplements.
In this second part of its final advice on possible delegated acts for the Prospectus Directive, ESMA deals with issues in connection with “retail cascade offerings” by intermediaries (prior consent by issuer, additional prospectus disclosure, liability, etc.) and provides its feedback to the European Commission following its review of the provisions of the Prospectus Regulation. The document also contains ESMA’s “feedback statement” on the comments made by stakeholders following ESMA’s call for evidence.
The amended Prospectus Directive must be implemented by Member States by 1 July 2012. The Dutch legislative proposal to that effect was submitted to the Dutch Parliament on 5 October 2011.