The European Securities and Markets Authority has issued a package aligning prospectus guidance and technical standards with the Listing Act’s streamlined disclosure framework. Building on its earlier clarification of transitional arrangements, the package consults on revised disclosure guidelines, updates prospectus Q&As, finalizes guidelines on when a supplement introduces a new type of security and submits revised requirements for key financial information in prospectus summaries to the European Commission. The proposed disclosure guidelines would remove guidance tied to deleted requirements, add rules for ensuring consistency between management reports and the rest of a prospectus, and require issuers without management reports to include equivalent material information needed for an informed investment decision. They would also consolidate guidance on profit forecasts and risk factors, delete the historical financial information bridge approach following the reduction in required reporting periods, and clarify related party transactions by reference to International Accounting Standard 24. ESMA proposes reducing the framework from 57 guidelines in 18 sections to 49 guidelines in 14 sections. The final product supplement guidelines use prospectus disclosure annexes and product classes to determine when a new base prospectus is required, with refined tests for structured products, asset-backed securities and securities linked to environmental, social and governance factors. Sustainability-linked non-equity securities cannot be introduced by supplement if absent from the base prospectus, while ESG use-of-proceeds disclosures may be added. The revised technical standards shorten historical financial information periods and remove the cash flow table for non-equity securities. The product supplement guidelines will apply two months after publication in all official EU languages, while ESMA expects to publish the final updated disclosure guidelines in the second quarter of 2027.
2026-09-09European Securities and Markets Authority
European Securities and Markets Authority issues Listing Act prospectus package, consults on disclosure guidance and finalizes product supplement rules
The European Securities and Markets Authority has issued a Listing Act package covering prospectus disclosure guidance, Q&As, product supplements and summary financial information. Proposed disclosure guidelines remove obsolete material and add targeted guidance on management reports, profit forecasts and related party transactions. Final product supplement rules define when a new base prospectus is required, while revised technical standards reduce historical financial information requirements.