argomento: News del mese - Diritto Internazionale e Comunitario

Keywords: ESMA - report - Prospectus approvals

On July 20^th, 2021, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, issued a joint Annual Report on Prospectus Activity and Sanctions for 2020. According to the document, there was a reduction of prospectus approvals in the European Economic Area (EEA) by a number close to 5% with reference to the year 2019. At the beginning, European authorities were convinced that the outbreak of the COVID-19 pandemic would have increased the number of approvals. More in particular, the report showed that around 46% of prospectuses approved were in the form of base prospectuses and 91% were drawn up as single documents as opposed to tripartite prospectuses and that slightly more than 78% of prospectuses approved in 2020 related to non-equity securities with the most frequent security type being debt securities with a denomination of at least €100,000.