What changed between the plenary report and the adopted text

Removed:(6) Article 6 is amended as follows:

Removed:(a) in paragraph 1, the introductory wording is replaced by the following:

Removed:‘Without prejudice to Article 14b(2), Article 15a(2) and Article 18(1), a prospectus shall contain the necessary information which is material to an investor for making an informed assessment of:’;

Removed:(b) paragraph 2 is replaced by the following:

Removed:‘2. The prospectus shall be a document of a standardised format and the information disclosed in a prospectus shall be presented in a standardised sequence, in accordance with delegated acts referred to in Article 13(1). The information in a prospectus shall be written and presented in an easily analysable, concise and comprehensible form, taking into account the factors set out in paragraph 1, second subparagraph, of this Article.’;

Removed:(c) the following paragraphs▌ are added:

Removed:‘4. A prospectus that relates to shares or other transferrable securities equivalent to shares in companies shall be of maximum length of 300 sides of A4-sized paper when printed and shall be presented and laid out in a way that is easy to read, using characters of readable size.

Removed:5. By way of derogation from paragraphs 2 and 4, where securities of the same class are to be admitted to trading on a regulated market in the Union and are simultaneously offered for subscription to, or privately placed with, qualified investors in a third-country jurisdiction that requires the publication of an offer document with a standardised format, the requirements of standardised format, standardised sequence and maximum length shall not apply to the prospectus for the admission to trading on a regulated market of those securities.

Removed:Where the derogation set out in the first subparagraph of this paragraph applies, the prospectus shall contain a correlation table indicating where the items forming part of the standardised format and sequence of the prospectus as referred to in paragraph 2 are to be found.

Removed:6. ESMA shall develop guidelines on comprehensibility and on the use of plain language in prospectuses to ensure that the information provided therein is concise, clear and user friendly;

Removed:ESMA shall develop draft implementing technical standards to specify the template and layout of prospectuses, including the font size, and style requirements.

Removed:ESMA shall submit those draft implementing technical standards to the Commission by ... [XX months from the date of entry into force of this amending Regulation].

Removed:Power is delegated to the Commission to supplement this Regulation by adopting the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’;

Removed:_____________

Removed:*1 Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 (OJ L 166, 21.6.2019, p. 26).’;

Removed:(7) Article 7 is amended as follows:

Removed:(a) in paragraph 3, the following subparagraph is added:

Removed:‘Without prejudice to the first subparagraph of this paragraph, the summary may present or summarise information in the form of charts, graphs or tables.’;

Removed:(b) in paragraph 4, the introductory wording is replaced by the following:

Removed:‘The summary shall be made up of the following four sections in the following order:’;

Removed:(c) paragraph 5 is amended as follows:

Removed:(i) in the first subparagraph, the introductory wording is replaced by the following:

Removed:‘The section referred to in paragraph 4, point (a), shall contain the following information in the following order:’;

Removed:(ii) in the second subparagraph:

Removed:- the introductory wording is replaced by the following:

Removed:‘It shall contain the following warnings in the following order:’;

Removed:- the following point is added:

Removed:‘(fa) where applicable, a notification that the company has identified environmental issues as a material risk factor in accordance with Article 16.’;

Removed:(d) ▌paragraph 6 is amended as follows,

Removed:(i) the introductory sentence is replaced by the following:

Removed:‘The section referred to in paragraph 4, point (b), shall contain the following information in the following order:’;

Removed:(ii) in point (a), the following point is added:

Removed:‘(vi) where the issuer is subject to Article 8 of Regulation (EU) 2020/852 of the European Parliament and Council*, information on the undertaking's activities that qualify as environmentally sustainable under Articles 3 and 9 of that Regulation.’;

Removed:(iii) the following subparagraphs are added:

Removed:ESMA shall develop draft regulatory technical standards to specify the content and format of presentation of the issuer’s taxonomy alignment in paragraph 6, point (a), point (vi) taking into account the various types of undertakings and issuers and ensuring that the information produced is comparable, concise and understandable.

Removed:ESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months from the date of entry into force of this Regulation.

Removed:Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

Removed:______________

Removed:* Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).’;

Removed:(e) paragraph 7 is amended as follows:

Removed:(i) the introductory sentence is replaced by the following:

Removed:‘The section referred to in paragraph 4, point (c), shall contain the following information in the following order:’;

Removed:(ii) the fifth subparagraph is replaced by the following:

Removed:‘Where the summary contains the information referred to in the first subparagraph, point (c), the maximum length set out in paragraph 3 shall be extended by one additional side of A4-sized paper, where there is one guarantor only, or by 3 additional sides of A4-sized paper where there are more guarantors.’;

Removed:(f) in paragraph 8, the introductory sentence is replaced by the following:

Removed:‘The section referred to in paragraph 4, point (d), shall contain the following information in the following order:’;

Removed:(g) paragraph 12a is deleted;

Removed:(h) the following paragraph ▌is inserted:

Removed:‘12b. By way of derogation from paragraphs 3 to 12 of this Article, an EU Follow-on prospectus drawn up in accordance with Article 14b or an EU prospectus drawn up in accordance with Article 15a shall contain a summary drawn up in accordance with this paragraph.

Removed:The summary of an EU Follow-on prospectus or of an EU Growth prospectus shall be drawn up as a short document written in a concise manner and of a maximum length of 7 sides of A4-sized paper when printed.

Removed:The summary of an EU Follow-on prospectus or of an EU Growth prospectus shall not contain cross-references to other parts of the prospectus or incorporate information by reference and shall comply with the following requirements:

Removed:(a) it shall be presented and laid out in a way that is easy to read, using characters of readable size;

Removed:(b) it shall be written in a language that is clear, non-technical, concise and comprehensible for investors and in a style that facilitates the understanding of the information;

Removed:(c) it shall be made up of the following four sections in the following order:

Removed:(i) an introduction, containing all of the information referred to in paragraph 5 of this Article, including warnings and the date of approval of the EU Follow-on prospectus or of the EU Growth issuance document;

Removed:(ii) key information on the issuer;

Removed:(iii) key information on the securities, including the rights attached to those securities and any limitations on those rights;

Removed:(iv) key information on the offer of securities to the public or the admission to trading on a regulated market, or both;

Removed:(v) where there is a guarantee attached to the securities, key information on the guarantor and on the nature and scope of the guarantee.

Removed:Without prejudice to the third subparagraph, points (a) and (b), the summary of an EU Follow-on prospectus or of an EU Growth prospectus may present or summarize information in the form of charts, graphs or tables.