POLL: Esma and prospectus approval

Author: | Published: 11 Dec 2017

The European Commission plans to move prospectus approval into the hands of Esma – to the dismay of national competent authorities. IFLR asks whether it’s the right decision

Should Esma approve prospectuses?

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 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...



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