ESMA Final Report on amendments to EU Prospectus regime

The EU Listing Act, amending (in particular) the Prospectus Regulation, entered into force on 4 December 2024. However, many of the new provisions, including new requirements for product specific ESG disclosures for non-equity securities, will not apply until 5 June 2026 since they are reliant on level 2 measures (technical standards and delegated acts).

ESMA was mandated by the Commission to provide technical advice on many aspects of the delegated acts. Following its consultation in autumn 2024, ESMA published its Final Report on technical advice concerning the Prospectus Regulation on 12 June 2025, which includes its proposed changes to Commission Delegated Regulation (EU) 2019/980 setting out format amendments and updated disclosure annexes.

Please see below our overview of the main aspects relevant to DCM.