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The financial sector, the world over, is constantly evolving and we hope to keep all of our esteemed clients informed and up-to-date through our website.  We also attend a number of international conferences and exhibitions and it would be our pleasure to meet during one of our trips.  We encourage you to sign up to our newsletter to receive updates.

GM Corporate and
Fiduciary Services Ltd.
147/1, St. Lucia Street,
Valletta VLT 1185, Malta.
+(356) 2123 5341
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ESMA’s recently published Guidelines on risk factors under the Prospectus Regulation (the “Guidelines”) focus on risk factor disclosure in a prospectus published when securities are offered to the public or admitted to trading on a regulated market. 

The Guidelines should assist competent authorities when reviewing the specificity, materiality and presentation of risk factors across categories in a prospectus.  ESMA notes that persons responsible for a prospectus (such as issuers, offerors and guarantors), will also benefit from consulting the Guidelines. 

Risk factor disclosure:

  • May ensure the protection of persons responsible for the prospectus in providing more transparency and accuracy:

  • Assist investors in making informed decisions when assessing the risk element of their investments. 

Competent authorities have up to the beginning of December to notify ESMA whether they comply, intend to comply or intend not to comply with the Guidelines, as well as the reasons in cases of non-compliance. 


The Guidelines shall apply from 4 December 2019 and can be accessed here

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