On 15 December 2015, the European Securities and Markets Authority (ESMA) updated its Questions and Answers document (Q&A) on prospectus related issues.

The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures. In this 23rd version of the Q&A, a new question 96 has been added regarding the level of disclosure which should be included in a prospectus related to securities which may be subject to write-down or conversion powers under the Bank Recovery and Resolution Directive (BRRD). Furthermore, the existing question 26 on calculation of the €5 million threshold in Article 1(2)(h) of the Prospectus Directive has been extended to cover also calculation of the €75 million threshold in Article 1(2)(j). For further information please see here.