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
The EC released the first part of its draft regulation to
amend the Prospectus Regulation on April 2, which focused on
final terms and summaries.
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
Ruari Ewing, director of primary markets at the International
Capital Market Association (ICMA), said the change is very
"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 important," said Ewing.