Recital 8

(8)This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council ⁶ . ESMA did not conduct a separate open public consultation and analysis in relation to the draft regulatory technical standards on the incorporation by reference of additional documents into prospectuses, considering it disproportionately burdensome, given the limited scope and impact of the proposed changes. In relation to the incorporation by reference of optional pre-issuance disclosure documents under Regulation (EU) 2023/2631, ESMA gathered feedback from stakeholders in its Consultation Paper on draft technical advice concerning the Prospectus Regulation and on updating the CDR on metadata ⁷ with most stakeholders supporting the proposal by ESMA.