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March 28, 2018

ESMA updated the question and answer (Q&A) document on issues related to the Prospectus Regulation. ESMA also updated Q&A on transparency and market structure issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The updated Q&A include the following:

  • Q&A on Prospectus Regulation. The Q&A update provides clarification on how to identify profit forecasts in the context of prospectuses, notably by explaining the definition included in the Prospectus Regulation No 809/2004 and by providing examples on what may or not constitute a profit forecast. ESMA notes that, although the Prospectus Regulation (2017/1129) will become applicable on July 21, 2019 (repealing Prospectus Regulation 809/2004), the definition of a profit forecast should be carried over to the new prospectus regime.
  • Q&A on MiFID/MiFIR. The updated Q&A document provides clarification on the topics such as the scope of the trading obligation for derivatives, the default tick size regime, fee structures, systematic internalizers and matched principal trading, and Direct Electronic Access (DEA) provider controls and suitability checks.

The Q&A mechanism is a practical convergence tool used to promote common supervisory approaches and practices. It is intended to help investors and other market participants by providing clarity on the requirements of certain regulations under the purview of ESMA. ESMA will continue to review these Q&As and update them as required.


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Keywords: Europe, EU, Securities, MiFID/MiFIR, Q&A, Prospectus Regulation, Transparency, Market Regulation, ESMA

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