ESMA consults on amendments to CESR recommendations on disclosure in mineral company prospectuses

05 Oct 2012

The European Securities and Markets Authority (ESMA) has launched a consultation on its proposed amendments to the recommendations made by the predecessor to ESMA, the Committee of European Securities Regulators (CESR), on the information to be disclosed by mineral companies in prospectuses.

Previously, ESMA has updated and revised the CESR recommendations on the implementing regulation of the Prospectus Directive in relation to mineral companies, (see Daily news 24 March 2011) where it recommended that reserves and resources disclosure in prospectuses should be in line with one of a number of internationally recognised mineral reserves and resources reporting codes endorsed in the updated CESR recommendations. ESMA is now proposing to expand the list of recognised reporting codes and to clarify and further amend the CESR recommendations to address a number of issues that have been brought to its attention by Member States and to align the CESR recommendations with the amended prospectus disclosure regime which became effective in July 2012.

The deadline for comments is 21 December 2012. Revised guidelines are expected to be published in the second quarter of 2013.

Copies of the consultation; summary; and press release are available.