The FSMA has published an opinion clarifying which procedures and measures under Belgian law should, in its view, be regarded as ‘restructuring or insolvency proceedings’ for the purposes of the Prospectus Regulation, pending the publication of ESMA’s response to the question concerning the interpretation of these concepts.
The interpretation of these concepts is particularly relevant for the application of certain exemptions from the obligation to publish a prospectus, introduced into the Prospectus Regulation by the Listing Act.