EU - ESMA Final Guidelines on risk factors published

On 29 March 2019, ESMA published its Final Report on Guidelines on risk factors under the Prospectus Regulation. The Guidelines are addressed to national competent authorities (“NCAs”) to assist them in their review of risk factor disclosure, in particular, with respect to the requirements regarding specificity, materiality and presentation of risks factors across categories contained in Article 16 of the Prospectus Regulation. The Guidelines encourage NCAs to challenge risk factor disclosure