Prospectus Regulation

  • ESMA Prospectus Disclosure Guidelines: The 9 November 2026 Deadline

    ESMA published a full package of prospectus materials on 9 September 2026, and only one part of it is still open for comment. The European Securities and Markets Authority put out a Consultation Paper on updated Guidelines on disclosure requirements under the Prospectus Regulation (Regulation (EU) 2017/1129), revised its Q&As, finalised Guidelines on supplements that…

  • ESAP First Phase: Where Regulated Disclosures Must Now Be Filed

    On 10 July 2026, ESMA started pulling regulated disclosures into the European Single Access Point (ESAP). The public ESAP portal is not yet accessible; Regulation (EU) 2023/2859 requires ESMA to establish and operate it by 10 July 2027. What went live on 10 July was the plumbing underneath it: from that date, Officially Appointed Mechanisms…

  • BaFin and the MiCAR Perimeter: How Regulators Separate Tokenised Securities From Crypto-Assets

    Put a financial product on a blockchain and the hardest question is which rulebook the token sits under, not how the token works. Get the MiCAR perimeter wrong and a reporting team builds the wrong control set around the wrong instrument: white-paper notifications and crypto-asset service provider records where a prospectus, and potentially MiFID/MiFIR controls…