Promoting harmonization of prospectus liability

The European Commission has been tasked with examining the harmonization of prospectus liability and submitting a report on this matter to the European Parliament and the Council by December 31, 2025. The European Securities and Markets Authority (ESMA) is supporting the European Commission in this. We welcome the aim of harmonizing prospectus liability and see this as a further step towards a capital markets union. We have now submitted proposals for harmonization as part of an ESMA call for evidence.