meta_id 3133557

On May 7, 2026, the European Securities and Markets Authority (ESMA) issued a public statement providing guidance on prospectus requirements during the transitional period preceding the entry into application of amendments to the Delegated Regulation under the Prospectus Regulation (PR). The guidance addresses anticipated delays in the application of the Delegated Act amending Commission Delegated Regulation (EU) 2019/980, which introduces standardised formats, streamlined content requirements, and revised scrutiny and approval procedures for prospectuses. These changes were introduced by the Listing Act (Regulation (EU) 2024/2809), which aims to simplify capital markets and reduce regulatory burden while maintaining financial stability, orderly markets, and investor protection. The Level 1 provisions of the PR will fully enter into application on June 5, 2026. However, ESMA anticipates a delay in the Delegated Act's entry into application, creating uncertainty for prospectuses approved on or after this date. During this interim period, ESMA recommends that stakeholders and national competent authorities (NCAs) rely on the Level 1 provisions of the PR, which already apply. ESMA further recommends using the provisions in the Delegated Act as adopted by the European Commission on May 7, 2026 as a reference point to determine the granular disclosure necessary to satisfy Level 1 requirements. While this guidance is non-binding, it is intended to assist stakeholders and NCAs in interpreting PR obligations during the transition. The Delegated Act will enter into application following its publication in the Official Journal of the European Union and the expiration of the co-legislators' objection period.