The European Securities and Markets Authority issued a statement giving practical guidance to national competent authorities, issuers and advisors on applying the revised prospectus framework introduced by the Listing Act, including how transitional arrangements and interim disclosure expectations should be handled. It clarifies that registration documents and universal registration documents approved or filed up to 4 June 2026 fall under the Article 48a transitional regime and can continue to be used in prospectuses for the remainder of their validity period. ESMA also sets out what disclosure should be included in EU Follow-on prospectuses and EU Growth issuance prospectuses until the delegated act amending Commission Delegated Regulation (EU) 2019/980 starts applying. ESMA expects national competent authorities to follow the approach in the statement, allowing issuers and their advisors to rely on its content.
European Securities and Markets Authority 2026-02-18
European Securities and Markets Authority clarifies Listing Act transitional rules for registration documents filed by 4 June 2026 and interim disclosure for follow-on and growth prospectuses
The European Securities and Markets Authority (ESMA) issued guidance on applying the revised prospectus framework under the Listing Act, detailing transitional arrangements and interim disclosure expectations. Registration documents approved or filed by 4 June 2026 fall under the Article 48a transitional regime. ESMA expects national authorities to adhere to this guidance, enabling issuers and advisors to rely on its content.