Guidelines to help market participants to comply with the disclosure requirements set out in the EU Prospectus Delegated Regulation (EU) 2019/980 and to enhance consistency across the EU in the way that the Annexes to that regulation are understood.

ESMA published the ESMA Prospectus Guidelines on 4 March 2021 (see Legal update, EU Prospectus Regulation: ESMA guidelines on disclosure requirements). They took effect in the EU on 4 May 2021 and replaced the ESMA Prospectus Directive Recommendations.

As the ESMA Prospectus Guidelines did not become effective before the end of the Brexit transition period they do not apply in the UK. The FCA Prospectus Guidelines are based on the ESMA Prospectus Guidelines.

For further details, see Practice note, EU Prospectus Regulation: ESMA guidelines on disclosure requirements.