ESMA · ESMA_QA_918 Published Answer Updated

The length of summaries (multiple securities) (Deleted 09/09/2026)

Regulation
Prospectus Regulation 2017/1129
Topic
Prospectus Summary
Submitted
2020-02-18
Answered
2020-02-18
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Question

How many additional pages can be included in a summary relating to several securities, as per Article 7(7) of the PR? (Deleted 09/09/2026)

Answer

ESMA_QA_918 is deleted - 09 September 2026   ESMA31-62-1258 Prospectuses 13.3 ESMA understands that the fourth subparagraph of Article 7(7) of the PR stipulates that the maximum length of the summary should only be increased by ‘[..] two additional sides of A4-sized paper’, our understanding is that the page limit may only extend to a maximum of nine sides of A4-sized paper.  In addition, ESMA notes that Article 7(7) also refers to a situation involving the use of a key information document (KID). In such case, the length of the summary can be extended by three pages for each additional security.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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