Jul32017

ESMA sees continued decline in number of prospectus approvals

EU

The European Securities and Markets Authority (ESMA), in its annual report on prospectus activity, has found that the number of prospectus approvals across the European Economic Area (EEA) fell by around 8.5% from 2015 to 2016, continuing the overall decreasing trend seen since the start of the financial crisis. 

From the prospectuses approved, 40% were in the form of base prospectuses and 91% were drawn up as single documents as opposed to tripartite prospectuses. Almost 75% of approved prospectuses related to non-equity securities with the most frequent security type being debt securities with a denomination of at least €100.000.

The amount of prospectuses passported to one or more host countries declined by around 11% from 2015 to 2016, with Germany and Luxembourg accounting for the majority of prospectuses passported to other EEA countries in 2016.

The purpose of making prospectus data available is to provide information about trends within the prospectus regime in terms of general approval and passporting activity as well as the structure of approved prospectuses and the types of securities they cover. ESMA has published reports on prospectus activity since 2007, and data reports published between 2011 and 2015 are available on ESMA’s website. Furthermore, the website provides access to ESMA’s Prospectus Register where stakeholders can search for additional detailed information in relation to prospectuses approved and passported within the EEA.
 

Jul32017

ESMA sees continued decline in number of prospectus approvals

EU

The European Securities and Markets Authority (ESMA), in its annual report on prospectus activity, has found that the number of prospectus approvals across the European Economic Area (EEA) fell by around 8.5% from 2015 to 2016, continuing the overall decreasing trend seen since the start of the financial crisis. 

From the prospectuses approved, 40% were in the form of base prospectuses and 91% were drawn up as single documents as opposed to tripartite prospectuses. Almost 75% of approved prospectuses related to non-equity securities with the most frequent security type being debt securities with a denomination of at least €100.000.

The amount of prospectuses passported to one or more host countries declined by around 11% from 2015 to 2016, with Germany and Luxembourg accounting for the majority of prospectuses passported to other EEA countries in 2016.

The purpose of making prospectus data available is to provide information about trends within the prospectus regime in terms of general approval and passporting activity as well as the structure of approved prospectuses and the types of securities they cover. ESMA has published reports on prospectus activity since 2007, and data reports published between 2011 and 2015 are available on ESMA’s website. Furthermore, the website provides access to ESMA’s Prospectus Register where stakeholders can search for additional detailed information in relation to prospectuses approved and passported within the EEA.
 

Jul32017

Deputy UN chief highlights stronger AU-UN partnership to benefit Africa’s youth

United Nations

3 July 2017 – Deputy Secretary-General Amina Mohammed today called for strengthening the relationship between the African Union (AU) and the United Nations to deliver on promised development for Africa’s youth.

Addressing her first African Union Summit since taking office, Ms. Mohammed said that the AU’s thematic focus this year on youth is a &#8220powerful reminder&#8221 of the core principle at the heart of the 2030 Agenda for Sustainable Development, the AU’s strategic framework known as Agenda 2063 and other global agreements, namely, creating a better world for the next generation.

&#8220For the 226 million young people aged 15 to 24 living in Africa today, these agendas address challenges and opportunities that are integral to their futures,&#8221 she said.

&#8220Today you are here taking decisions that will ensure that Africa benefits from the full potential of all its people, including young women and men,&#8221 she added, in a nod to this year’s theme of Harnessing the Demographic Dividend through investments in Youth.

&#8220Investing in our youth today reaps the dividend of a peaceful and prosperous Africa tomorrow.&#8221

Addressing leaders from across the continent who have gathered at the AU headquarters in Addis Ababa, Ethiopia, Ms. Mohammed called for &#8220building new bridges between us, and fortifying the ones that already exist&#8221 to deliver on the promises of the development agenda for Africa and its people.

In April, the UN-AU annual conference in New York resulted in a joint framework for enhanced partnership on peace and security. The two organizations are now preparing a joint framework on sustainable development, focusing on the implementation of the 2030 Agenda and of Agenda 2063, according to Ms. Mohammed.

She also noted that the UN will be collaborating with the AU on a new UN-European Union initiative to be launched at the UN General Assembly this September to end gender-based violence around the world.

The deputy UN chief also highlighted some of the other areas where the UN and the AU are working more closely, including on efforts to enhance the UN’s partnership with Africa’s regional economic communities in areas of peacekeeping, elections and democratic transitions.

Secretary-General António Guterres recently reiterated the need for &#8220predictable, reliable and sustainable&#8221 financing for AU peace operations, and is said to be working on a set of concrete proposals for the UN Security Council.

&#8220Our efforts should continue to be based on urgency, flexibility and innovation to improve complementarity, cost-effectiveness and impact,&#8221 Ms. Mohammed said.

She also echoed Mr. Guterres’ call at the G7 summit in Italy, where he urged world leaders to invest in young people, with stronger investment in technology, relevant education and capacity-building in Africa.

&#8220The challenge of strengthening Africa’s human capital, starting with its young people, has galvanized commitments to promote their rights and invest in quality and relevant education at all levels, health, science and technology and innovation,&#8221 said Ms. Mohammed.