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ESMA
European Securities and Markets Authority (ESMA) is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets, as well as enhancing investor protection.
 
In March 2011, in accordance with ESMA statement on the framework for third country prospectuses under Article 20 of the EU Prospectus Directive (ESMA/11-36), ESMA published a Statement according to which it considers that a prospectus drawn up according to Israeli laws and regulations together with a wrap containing the information required by the items in the annex to this statement can constitute a valid prospectus under the EU Prospectus Directive [2003/71/EC] for the purposes of its approval by the home competent authority of a Member State (ESMA/11-37).
 
Following amendments to the EU Prospectus Directive (2003/71/EC) and other EU regulations, ESMA published its opinion on Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive (ESMA/13-317). As a result of these changes, as well as changes to the Israeli prospectus regime, ESMA and the Israel Securities Authority (ISA) have conducted an assessment process of the revised regulatory regimes.  On June 2015 ESMA issued its Opinion on the equivalence of the Israeli prospectus regime to the EU prospectus rules (which replace the above mentioned 2011 statement from 2011) (ESMA/2015/1015). The Opinion includes new annexes dealing with disclosure requirements for Small and Medium-sized Enterprises (SMEs) share prospectuses, companies with reduced market capitalization share prospectuses and rights issues (as defined in the EU Prospectus Directive). If the issuer falls under any of these categories, less information needs to be included in the wrap.
 
The meaning of ESMA's decision is that a prospectus drawn up according to Israeli laws and regulations can, together with a wrap containing the information required by the Opinion, be recognized by the component authorities in EU member states as a valid prospectus for listing at a European exchange.
 
In order to implement ESMA's decision, the ISA is cooperating with European securities authorities to agree on specific arrangement for the recognition of prospectuses drawn up according to Israeli (or EU) laws and regulations, by the component authorities in EU member state or in Israel, as applicable, for listing at the local exchange.
 
The ISA is of the opinion that these arrangements will provide Israeli companies with access to new markets and foreign investors as well as attracting foreign issuers to Israel.
 
 At the same time, and in order to assist EU issuers and Israeli issuers to use the ESMA Statement framework, the ISA is promoting an assessment process with the EU regulator so it could recognize the ongoing reporting requirements in Israel in accordance with the EU Transparency Directive.

Link to ESMA website

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