ESMA Assessment of Equivalence of Israeli Laws and Regulations on Prospectuses
Client Memorandum

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On June 29, 2015, the European Securities and Markets Authority (“ESMA”) published an updated opinion on the additional information that it considers will need to be included in a “wrap” to a prospectus drawn up according to Israeli laws and regulations to make it equivalent with the requirements under the European Prospectus Directive (Directive 2003/71/EC, as amended).

In ESMA’s view, a prospectus drawn up according to Israeli laws and regulations, together with a “wrap” containing the information set out in the applicable annex to the opinion (see ESMA opinion and annexes here), could constitute a valid prospectus under the Prospectus Directive for the purposes of its approval by the home competent authority of a Member State.

The opinion supersedes ESMA’s March 2011 public statement on Israeli laws and regulations on prospectuses.
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