In light of the serious market instability and the physiologic financial distress of companies, operators and investors, national authorities are seeking and adopting countermeasures to protect, to the extent possible, the orderly functioning of markets until more clarity is obtained on the likely developments and timeframe of the pandemic.

The ESMA recently issued recommendations to financial markets participants, to protect the values of transparency (which are the pillars of the entire financial system) and remind issuers of their obligation to pursue business continuity even in this trying time.

Our Equity Capital Markets Focus Team, in collaboration with the Task Force created for Covid-19 emergency, analyzes of the ESMA’s guidelines in the document available here.