ESMA Guidelines and Recommendations

ESMA issues overview of European prospectus activity

ESMA Guidelines and Recommendations

Date: 12 September 2016

On 28 July 2016, the European Securities and Markets Authority (ESMA) published statistical data on the number of prospectuses approved and passported by the National Competent Authorities (NCAs) of the European Economic Area (EEA) within the EU prospectus regime.

The report shows that the number of prospectus approvals across the EEA has slightly decreased in 2015 compared to 2014, continuing the overall decreasing trend since 2009 as a result of the impact of the financial crisis. Almost three quarters of prospectuses approved in 2015 related to non-equity securities, slightly more than half of which were drawn up as base prospectuses. Passporting activity was relatively stable between 2014 and 2015 with ten countries accounting for the bulk of prospectuses passported across the EEA.

The prospectus report is published by ESMA on an annual basis and presenting prospectus activity from January to December 2015. The report also includes information about prospectus approval trends since 2006, content and structure of approved prospectuses and prospectus passporting activity.