On 30 June 2016, the European Securities and Markets Authority (ESMA) published a peer review on the efficiency and effectiveness of EU national securities markets regulators’ approval of prospectuses, the disclosure documents prepared by issuers when they want to market their securities to EU investors. Overall, ESMA found that, while national regulators were in general sufficiently resourced and approved prospectuses within legal deadlines, there were differences in national practices which would benefit from greater convergence.

For a copy of the Peer Review please see here.