ESMA_QA_911
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/911
Regulatory Context
Regulation : PROSPECTUS
Level 1 Regulation: Prospectus Regulation 2017/1129
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Public offer
Subject Matter: Estimate expenses charged by a financial intermediary in a retail cascade
Question
Submission Date: 12 July 2019
Does the prospectus summary have to contain information about estimated expenses charged by intermediaries offering securities in the retail cascade?
ESMA Answer
Answer Date: 12-07-2019
[ESMA31-62-1258 Prospectuses Q&A nr 14.5] Financial intermediaries in a retail cascade are offerors, but their offer is not the current offer which is the subject matter of the prospectus, and Commission Delegated Regulation (EU) 2019/980 expressly requires a notice specifying that the financial intermediaries acting in a retail cascade shall make available the information on the subsequent retail cascade offer when it will occur. The issuer, offeror or person seeking admission to trading on a regulated market is not required to disclose expenses charged to the investor by financial intermediaries offering securities in a retail cascade in the section titled ‘key information on the securities’ in the summary. Expenses charged to investors by the financial intermediaries will be disclosed in the financial intermediaries’ terms and conditions.
This document was automatically extracted from the ESMA EMIR Q&A database.