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Regulations and Guidelines 9/2019 on presentation of information in a prospectus under the Prospectus Regulation enter into force on 4 December 2019


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FIN-FSA nationally implements the European Securities and Markets Authority’s (ESMA) guidelines on risk factors under the Prospectus Regulation (ESMA31-62-1293) by issuing Regulations and Guidelines 9/2019.

ESMA’s guidelines are based on Article 16 (4) of the Prospectus Regulation and are addressed to the competent authorities in each Member State.

These guidelines aim to encourage appropriate, focused and more streamlined disclosure of risk factors in an easily analysable, concise and comprehensible form. Guidelines are meant to assist the competent authorities in their review of the specificity and materiality of risk factors and their presentation across categories.

Although these guidelines are addressed to the competent authorities, FIN-FSA recommends that persons responsible for prospectuses should consider them in order to expedite the process of prospectus approval.

The FIN-FSA’s guidelines have been issued on 25 November 2019 and will enter into force on 4 December 2019.

For further information, please contact

Merja Elo, Market Supervisor, tel. +358 9 183 5225, or merja.elo(at)


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Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

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