The European Securities and Markets Authority (ESMA) has published final reports on the Prospectus Regulation and civil prospectus liability. The reports provide recommendations to facilitate capital market activity by reducing regulatory burden. The technical advice on the Prospectus Regulation contains advice on content and format of prospectuses, scrutiny of information, and procedures for approval. It also proposes updates to data reporting requirements in line with changes introduced by the Listing Act. The technical advice on civil prospectus liability presents feedback from stakeholders, ESMA's ensuing advice, and an update on sections related to civil prospectus liability. ESMA has submitted the reports to the European Commission (EC). The EC will take a decision on updating Commission Delegated Regulation 2019/979 within three months, which may be extended. The EC must present a report to the European Parliament and Council by 31 December 2025, analyzing the issue of liability for information given in a prospectus. The EC will assess whether further harmonization of prospectus liability in the Union is warranted. The reports and annexes are available on ESMA's website.