Following amendments to the so-called Listing Act, ESMA has published¹ a consultation paper on an update to ESMA Guidelines² on disclosure requirements under the Prospectus Regulation.

The consultation seeks stakeholders’ feedback on the proposed revisions, which are intended to help issuers and their advisors better understand what information is required to be provided under the amended Prospectus Regulation. The revisions also simplify the current guidelines by removing elements that are no longer necessary.

Stakeholders are invited to respond to the consultation by 9 November 2026. ESMA expects to publish a final report and updated guidelines in the second quarter of 2027.

Link to the consultation: Consultation on the update to the Guidelines on disclosure requirements under the Prospectus Regulation

In addition, ESMA has updated:

• the Q&A on prospectuses,
• guidelines specifying the circumstances in which a supplement is to be considered to introduce a new type of security, and
• the Regulatory Technical Standards (RTS) on key financial information in the summary of a prospectus.

More detailed information can be found in the ESMA news release: ESMA consults on disclosure requirements and updates guidelines and Q&As under the Prospectus Regulation

For further information, please contact:

• Marianne Demecs, Chief Supervisor, marianne.demecs(at)fiva.fi or tel. +358 9 183 5366
• Ossi Eräkivi, Chief Specialist, ossi.erakivi(at)fiva.fi, tel. +358 9 183 5262

¹ ESMA Consultation Paper on the update to the Guidelines on disclosure requirements under the Prospectus Regulation (ESMA32-753890202-3085; dated 9.9.2026).

² Guidelines on disclosure requirements under the Prospectus Regulation (ESMA32-82-1138), update 4 March 2021.