The European Securities and Markets Authority (“ESMA”) has issued guidelines on risk factors under the Prospectus Regulation.

These guidelines are aimed at assisting the competent authorities designated by each Member State to review the specificity, materiality and presentation of risk factors across all categories, according to their nature.

The guidelines have been drafted in accordance with Article 16 (4) of European Union Regulation 2017/1129 of the European Parliament and of the Council, of 14 June 2017, on the prospectus to be published when securities are offered to the public or put up for trading in a regulated market.

These guidelines repeal Directive 2003/71/EC and apply as from 4 December 2019.