Prospectus Regulation – Luxembourg law voted

The Luxembourg Parliament has adopted the new prospectus law.

On 02 July 2019 the Luxembourg Parliament has adopted the final text of the draft bill (the New Prospectus Law) which means that as of 21 July 2019 the New Prospectus Law will repeal and replace the Luxembourg law of 10 June 2005 on prospectuses for securities. The New Prospectus Law implements Regulation (EU) 2017/1129 on the prospectus and will be applicable when securities are offered to the public or admitted to trading on a regulated market (the Prospectus Regulation) into Luxembourg law to the extent required and the Luxembourg law is updated as a consequence. The Prospectus Regulation requires and empowers the Commission or The European Securities and Markets Authority (the ESMA) to develop and adopt delegated acts, implementing acts and regulatory technical standards (the RTS), as well as implementing technical standards (the ITS) and guidelines. Such acts and technical standards are expected following the entry into force of the New Prospectus Regulation.

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