(5)To enhance comparability of information in prospectuses, regardless of the jurisdiction where the prospectus is approved, a standardised format and sequence should be adapted to the different types of securities to which the prospectus relates. To strike the right balance between standardisation and flexibility, it is important to adopt distinct approaches for (i) equity securities as opposed to non-equity securities, as the latter include complex types of securities that require a more flexible approach; (ii) prospectuses drawn up as a single document; (iii) prospectuses consisting of separate documents; and (iv) base prospectuses for offering programmes of non-equity securities. However, to enable investors to access information on risk factors related to the issuer and the securities offered to the public or admitted to trading more easily, the risk factor section should appear in a prominent position in any type of prospectus.