The EU Commission has published a roadmap for a Delegated Regulation under the Prospectus Regulation (2017/1129). The Commission intends the delegated act to provide clarity on the provisions of the Prospectus Regulation and its interpretation by national competent authorities and companies making a public offer or seeking admission of their securities to regulated markets.
The delegated act would complement the policy framework laid down in the Prospectus Regulation to address:
- the reduced content, standardised format and sequence for the EU Growth prospectus;
- the format of the standard prospectus, the base prospectus and the final terms, and the schedules defining the specific information which must be included;
- the reduced information to be included in the schedules applicable under the simplified disclosure regime for secondary issuances;
- the schedule defining the minimum information contained in the universal registration document; · criteria for scrutinising the universal registration document and the procedures for its approval, filing and review; and
- criteria for the approval of the prospectus.
Comments on the roadmap are due by 22 May 2018.