Entries by John Heath

ESMA Final Report – Guidelines on Risk Factors under the Prospectus Regulation (29-Mar-19)

Issuers will need to grapple with several challenges including: how to assess materiality and disclose the magnitude and probability or risks occurring; how to order risk factors by materiality, which is likely to be a judgement for management to make; and how to balance comprehensibility and the reduction in generic disclosures against the need to mitigate issuer liability through full disclosure of risks.