The EC’s decision to differ from Esma’s technical advice on certain elements of final terms and summaries has been largely welcomed by European lawyers.
While the EC largely implemented Esma’s technical advice, it did differ in some key areas.
Firstly, non-applicable items in final terms do not need to be deleted, and can simply appear in the final terms marked as “not applicable”.
Ruari Ewing, director of primary markets at the International Capital Market Association (ICMA), said the change is very valuable.
“When working from one issuance from another, the fact that they can see differences between them without having to go back and look for negatives is...
Only subscribers to the full IFLR service have access to this article. Please log in
Alternatively, you can take a free trial
, giving you 7 days of free access to the full IFLR service*.
*Some articles may be restricted to subscribers only.
This article is only available to subscribers of the full IFLR service.
Please click here to subscribe. Subscribe
Take a Free Trial
Click here to gain limited 7 days access through a free trial.Free Trial