On January 15, ESMA published version 21 of its “Prospectuses: Questions and Answers.”

Two new questions have been incorporated, addressing the following areas:

o   Format for the individual summary relating to several securities (question 91); and
o   Applicable registration document schedule where a listed issuer proposes to issue convertible or exchangeable debt securities where the underlying securities are the issuer’s shares (question 92).  Prospectuses.