FESE response to the ESMA consultation on technical advice concerning the Prospectus Regulation and on updating the CDR on metadata

FESE believes the objective is to ensure that the standardisation and harmonisation efforts from Level 1 are properly reflected in Level 2. It is essential that for standard equity prospectuses, further standardisation is achieved to realise consistency and easier comparability for investors.

It is crucial that substantial deviations in local markets, driven by different NCA approaches, do not materialise. In particular, NCAs requiring information that is not included in the PR is a clear example of diverging practices that should come to an end with the Listing Act. The issue at hand is, indeed, NCAs applying different policies based on the same EU legal text. FESE recommends that ESMA proposes a predetermined list of documents and information, which are already included in the PR annexes and delegated acts, that NCAs may ask issuers pursuant to Art.32(1)(b) of PR.