In September, the European Commission published proposals to
'better integrate supervision for the capital markets
union’. And while its aims of promoting jobs and
growth in Europe are noble, some of its methods to do so under
the proposal have been questioned.
One such suggestion has been to transfer the approval of
certain prospectuses under the Prospectus Directive from
national competent authorities (NCAs) to the European
Securities and Markets Authority (Esma).
The proposals, called the Omnibus III regulation, suggest
that Esma approves admissions to qualified investor-only
regulated markets, asset-backed securities, specialist issuers
and non-EU third country issuers.
But while European supervisory convergence is on the horizon
– and in many cases already underway – some
have questioned the move’s timing and
With this in mind, IFLR is polling readers on the plans.
Vote now on the right-hand side of the homepage, and to
elaborate on your response in an entirely off-the-record
interview, email firstname.lastname@example.org
Should the power to approve certain prospectuses be
transferred from national authorities to Esma under Omnibus
3. Yes, after Esma’s
other convergence work is complete
Results of past polls:
End of Libor: what next?
Mixed results for EU’s
Jumpstarting the US IPO