ESMA statement on the expected sustainability disclosures in prospectuses

The European Securities and Markets Authority (“ESMA“) has issued a public statement, addressed to national competent authorities (“NCAs“), on what sustainability information it considers should be included in prospectuses for both equity and non-equity securities under the Prospectus Regulation.

With its publication, ESMA establishes criteria for NCAs to adopt a coordinated approach to the supervision of prospectuses on Environmental, Social and Governance (“ESG”) issues and, additionally, provides highly relevant guidance for issuers on the information they must include in their prospectuses on this matter, ensuring that potential investors have access to all the information on sustainability that will enable them to make informed decisions on their investments.

In this regard, we highlight the main issues identified by ESMA in the document.