Prospectus regulation

ESMA updated its Q&As on the Prospectus Regulation, and the Application of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive).

The four new Q&As on the Prospectus Regulation include answers regarding the following topics:
– Global Depositary Receipts (GDRs)
– Transferable securities
– Conversion or exchange of non-transferable securities and exemption from publishing a prospectus
– Dissemination of amended advertisements
Prospectus Q&A

The UCITS Q&As include two new questions and answers regarding the timeline of the application of the performance reference period, and performance fees in UCITS and certain types of AIFs.