ESMA_QA_918

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/918

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Regulatory Context

Regulation : PROSPECTUS

Level 1 Regulation: Prospectus Regulation 2017/1129

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Prospectus Summary

Subject Matter: The length of summaries (multiple securities)

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Question

Submission Date: 18 February 2020

How many additional pages can be included in a summary relating to several securities, as per Article 7(7) of the PR?

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ESMA Answer

Answer Date: 18-02-2020

ESMA31-62-1258 Prospectuses 13.3 ESMA understands that the fourth subparagraph of Article 7(7) of the PR stipulates that the maximum length of the summary should only be increased by ‘[..] two additional sides of A4-sized paper’, our understanding is that the page limit may only extend to a maximum of nine sides of A4-sized paper.  In addition, ESMA notes that Article 7(7) also refers to a situation involving the use of a key information document (KID). In such case, the length of the summary can be extended by three pages for each additional security.

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This document was automatically extracted from the ESMA EMIR Q&A database.