LegalizeCommission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 (Text with EEA relevance)
CHAPTER I DEFINITIONS
Article 1
Definitions
For the purposes of this Regulation, the following definitions shall apply:
- (a) ‘asset-backed securities’ means non-equity securities which either:
- (i) represent an interest in assets, including any rights intended to ensure the servicing of those assets, the receipt or the timely receipt by holders of those assets of the amounts payable under those assets;
- (ii) are secured by assets and the terms of the securities provide for payments calculated by reference to those assets;
- (b) ‘equivalent third country market’ means a third country market which has been deemed equivalent to a regulated market in accordance with the requirements set out in third and fourth subparagraphs of Article 25(4) of Directive 2014/65/EU of the European Parliament and of the Council ([^E0001]);
- (c) ‘profit estimate’ means a profit forecast for a financial period which has expired and for which results have not yet been published;
- (d) ‘profit forecast’ means a statement that expressly or by implication indicates a figure or a minimum or maximum figure for the likely level of profits or losses for current or future financial periods, or contains data from which a calculation of such a figure for future profits or losses can be made, even if no particular figure is mentioned and the word ‘profit’ is not used;
- (e) ‘significant gross change’ means a variation of more than 25 % to one or more indicators of the size of the issuer’s business.
CHAPTER II CONTENT OF THE PROSPECTUS
SECTION 1 Minimum information to be included in the registration documents
Article 2
Registration document for equity securities
For equity securities, the registration document shall contain the information referred to in Annex 1 to this Regulation, unless it is drawn up in accordance with Article 9 of Regulation (EU) 2017/1129.
By way of derogation from paragraph 1, the registration document for the following securities, where those securities are not shares or other transferrable securities equivalent to shares, may be drawn up in accordance with Article 7 of this Regulation for retail securities or Article 8 of this Regulation for wholesale securities:
- (a) the securities referred to in Articles 19(1) and 20(1) of this Regulation;
- (b) the securities referred to in Article 19(2) of this Regulation, where those securities are exchangeable for or convertible into shares that are or will be issued by an entity belonging to the issuer’s group and that are not admitted to trading on a regulated market;
- (c) the securities referred to in Article 20(2) of this Regulation, where those securities give the right to subscribe or acquire shares that are or will be issued by an entity belonging to the issuer’s group and that are not admitted to trading on a regulated market.
Paragraphs 1 and 2 shall not apply to a prospectus drawn up in accordance with Article 14a or Article 15a of Regulation (EU) 2017/1129.
Article 3
Universal registration document
A registration document that is drawn up in accordance with Article 9 of Regulation (EU) 2017/1129 shall contain the information referred to in Annex 2 to this Regulation.
Article 5
Registration document for units of closed-end collective investment undertakings
For units issued by collective investment undertakings of the closed-end type, the registration document shall contain the information referred to in Annex 4.
Article 6
Registration document for depository receipts issued over shares
For depository receipts issued over shares, the registration document shall contain the information referred to in Annex 5.
Article 7
Registration document for retail non-equity securities
For non-equity securities other than those referred to in Article 8(2) of this Regulation, the registration document shall contain the information referred to in Annex 6 to this Regulation, unless it is drawn up in accordance with Article 9 of Regulation (EU) 2017/1129 or contains the information referred to in Annex 1 to this Regulation.
Paragraph 1 shall not apply to a prospectus drawn up in accordance with Article 14a or Article 15a of Regulation (EU) 2017/1129.
Article 8
Registration document for wholesale non-equity securities
For non-equity securities referred to in paragraph 2, the registration document shall contain the information referred to in Annex 7 to this Regulation, unless the registration document is drawn up in accordance with Article 9 of Regulation (EU) 2017/1129 or contains the information referred to in Annexes 1 or 6 to this Regulation.
The requirement referred to in paragraph 1 shall apply to non-equity securities that comply with one of the following conditions:
- (a) they are to be traded only on a regulated market, or a specific segment thereof, to which only qualified investors can have access for the purposes of trading in such securities;
- (b) they have a denomination per unit of at least than EUR 100 000 or, where there is no individual denomination, can only be acquired on issue for at least EUR 100 000 per security.
Paragraphs 1 and 2 shall not apply to a prospectus drawn up in accordance with Article 14a or Article 15a of Regulation (EU) 2017/1129.
Article 10
Registration document for asset-backed securities
By way of derogation from Articles 7 and 8, a registration document that is drawn up for asset-backed securities, shall contain the information referred to in Annex 9.
Article 11
Registration document for non-equity securities issued by third countries and their regional and local authorities
By way of derogation from Articles 7 and 8, a registration document that is drawn up for non-equity securities issued by third countries or their regional or local authorities, shall contain the information referred to in Annex 10.
SECTION 2 Minimum information to be included in the securities notes
Article 12
Securities note for equity securities or units issued by collective investment undertakings of the closed-end type
For equity securities or units issued by collective investment undertakings of the closed-end type, the securities note shall contain the information referred to in Annex 11 to this Regulation.
By way of derogation from paragraph 1, the securities note for the securities referred to in paragraphs 1 and 2 of Article 19 and paragraphs 1 and 2 of Article 20 of this Regulation, where those securities are not shares or other transferrable securities equivalent to shares, shall be drawn up in accordance with Article 15 of this Regulation for retail securities or Article 16 of this Regulation for wholesale securities.
Paragraphs 1 and 2 shall not apply to a prospectus drawn up in accordance with Article 14a or Article 15a of Regulation (EU) 2017/1129.
Article 14
Securities note for depository receipts issued over shares
For depository receipts issued over shares, the securities note shall contain the information referred to in Annex 13.
Article 15
Securities note for retail non-equity securities
For non-equity securities other than those referred to in Article 8(2) of this Regulation, the securities note shall contain the information referred to in Annex 14 to this Regulation.
Paragraph 1 shall not apply to a prospectus drawn up in accordance with Article 14a or Article 15a of Regulation (EU) 2017/1129.
Article 16
Securities note for wholesale non-equity securities
For non-equity securities referred to in Article 8(2) of this Regulation, the securities note shall contain the information referred to in Annex 15 to this Regulation, unless it contains the information referred to in Annex 14 to this Regulation.
Paragraph 1 shall not apply to a prospectus drawn up in accordance with Article 14a or Article 15a of Regulation (EU) 2017/1129.
SECTION 3 Additional information to be included in the prospectus
Article 18
Complex financial history and significant financial commitment of issuers of equity securities
Where the issuer of an equity security has a complex financial history, or has made a significant financial commitment, additional information with respect to an entity other than the issuer shall be included in the prospectus, as referred to in paragraph 2.
With respect to an entity, other than the issuer, additional information shall be all information referred to in Annexes 1 and 20 to this Regulation that investors need to make an informed assessment referred to in Article 6(1), Article 14a(2) and Article 15a(2) of Regulation (EU) 2017/1129, as if that entity were the issuer of the equity security.
For the purposes of paragraph 1, an issuer shall be considered as having a complex financial history where all of the following conditions are fulfilled:
- (a) at the time of drawing up the prospectus, the information referred to in the relevant Annexes does not represent the issuer’s undertaking accurately;
- (b) the inaccuracy referred to in point (a) affects the ability of investors to make an informed assessment referred to in Article 6(1), Article 14a(2) and Article 15a(2) of Regulation (EU) 2017/1129;
- (c) additional information relating to an entity other than the issuer is needed for investors to make an informed assessment referred to in Article 6(1), Article 14a(2), and Article 15a(2) of Regulation (EU) 2017/1129.
For the purposes of paragraph 1, a significant financial commitment is a binding agreement to undertake a transaction that is likely to give rise to a variation of more than 25 % relative to one or more indicators of the size of the issuer’s business.
Article 19
Securities that are exchangeable for or convertible into shares
Where securities are exchangeable for or convertible into shares that are admitted to trading on a regulated market, the securities note shall contain as additional information the information referred to in item 2.2.2 of Annex 17.
Where securities are exchangeable for or convertible into shares that are or will be issued by the issuer or by an entity belonging to that issuer’s group and that are not admitted to trading on a regulated market, the securities note shall also contain the following additional information:
- (a) the information referred to in items 3.1 and 3.2 of Annex 11 in respect of that issuer or of that entity belonging to the issuer’s group;
- (b) the information referred to in Annex 18 in respect of the underlying share.
Where securities are exchangeable for or convertible into shares that are or will be issued by a third party issuer and that are not admitted to trading on a regulated market, the securities note shall contain as additional information the information referred to in Annex 18.
Article 20
Securities giving rise to payment or delivery obligations linked to an underlying asset
For securities other than those referred to in Article 19 that give the right to subscribe or to acquire shares that are or will be issued by the issuer or by an entity belonging to that issuer’s group and that are admitted to trading on a regulated market, the securities note shall contain as additional information the information referred to in Annex 17.
For securities other than those referred to in Article 19 that give the right to subscribe or acquire shares that are or will be issued by the issuer or by an entity belonging to that issuer’s group and that are not admitted to trading on a regulated market, the securities note shall also contain the following additional information:
- (a) the information referred to in Annex 17 except for the information referred to in item 2.2.2 of that Annex;
- (b) the information referred to in Annex 18 in respect of the underlying share.
For securities other than those referred to in Article 19 that are linked to an underlying other than shares referred to in paragraphs 1 and 2 of this Article, the securities note shall contain as additional information the information referred to in Annex 17.
Article 21
Asset backed securities
For asset-backed securities, the securities notes shall also contain the additional information referred to in Annex 19.
Article 22
Guarantees
For non-equity securities that include guarantees, the securities notes shall also contain the additional information referred to in Annex 21.
Article 23
Consent
Where the issuer or the person responsible for drawing up a prospectus consents to its use as referred to in the second subparagraph of Article 5(1) of Regulation (EU) 2017/1129, the prospectus shall contain the following additional information:
- (a) the information referred to in items 1 and 2A of Annex 22 to this Regulation where the consent is provided to one or more specified financial intermediaries;
- (b) the information referred to in items 1 and 2B of Annex 22 to this Regulation where the consent is given to all financial intermediaries.
CHAPTER III FORMAT OF THE PROSPECTUS
Article 24
Format of a prospectus
Where a prospectus is drawn up as a single document, it shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a summary, where required by Article 7 of Regulation (EU) 2017/1129;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) any other information referred to in the Annexes to this Regulation that is to be included in that prospectus.
The issuer, offeror or person asking for admission to trading on a regulated market may decide the order in which the information referred to in the Annexes to this Regulation is set out in the prospectus.
Where a prospectus is drawn up as separate documents, the registration document and the securities note shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (c) any other information referred to in the Annexes to this Regulation that is to be included in that registration document or that securities note.
The issuer, offeror or person asking for admission to trading on a regulated market may decide the order in which the information referred to in the Annexes to this Regulation is set out in the registration document and the securities note.
Where the registration document is drawn up in the form of a universal registration document, the issuer may include the risks factors referred to in point (b) of paragraph 2 amongst the information referred to in point (c) of that paragraph provided that those risk factors remain identifiable as a single section.
Where a universal registration document is used for the purposes of Article 9(12) of Regulation (EU) 2017/1129, the information referred to in that Article shall be presented in accordance with Commission Delegated Regulation (EU) 2019/815 ([^E0002]).
Where the order of the information referred to in point (d) of paragraph 1 and in point (c) of paragraph 2 is different from the order in which that information is presented in the Annexes to this Regulation, competent authorities may request to provide a list of cross references indicating the items of those Annexes to which that information corresponds.
The list of cross references referred to in the first subparagraph shall identify any items set out in the Annexes to this Regulation that have not been included in the draft prospectus due to the nature or type of issuer, securities, offer or admission to trading.
Where no list of cross-references is requested in accordance with paragraph 5 or is not voluntarily submitted by the issuer, offeror or person asking for admission to trading on a regulated market, it shall be indicated in the margin of the draft prospectus to which information in the draft prospectus the relevant information items set out in the Annexes to this Regulation correspond.
Article 25
Format of a base prospectus
A base prospectus drawn up as a single document shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a general description of the offering programme;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) any other information referred to in the Annexes to this Regulation that is to be included in the base prospectus.
The issuer, offeror or person asking for admission to trading on a regulated market may decide the order in which the information referred to in the Annexes to this Regulation is set out in the base prospectus.
Where a base prospectus is drawn up as separate documents, the registration document and the securities note shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) in the securities note, a general description of the offering programme;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) any other information referred to in the Annexes to this Regulation that is to be included in the registration document and the securities note.
The issuer, offeror or person asking for admission to trading on a regulated market may decide the order in which the information referred to in the Annexes to this Regulation is set out in the registration document and the securities note.
An issuer, offeror or person asking for admission to trading on a regulated market may compile in one single document two or more base prospectuses.
Where the registration document is drawn up in the form of a universal registration document, the issuer may include the risks factors referred to in point (c) of paragraph 2 amongst the information referred to in point (d) of that paragraph provided that those risk factors remain identifiable as a single section.
Where a universal registration document is used for the purposes of Article 9(12) of Regulation (EU) 2017/1129, the information referred to in that Article shall be presented in accordance with Commission Delegated Regulation (EU) 2019/815.
Where the order of the information referred to in point (d) of paragraphs 1 and 2 is different from the order in which that information is presented in the Annexes to this Regulation, competent authorities may request to provide a list of cross references indicating the items of those Annexes to which that information corresponds.
The list of cross references referred to in the first subparagraph shall identify any items set out in the Annexes to this Regulation that have not been included in the draft base prospectus due to the nature or type of issuer, securities, offer or admission to trading.
Where no list of cross-references is requested in accordance with paragraph 6 or is not voluntarily submitted by the issuer, offeror or person asking for admission to trading on a regulated market, it shall be indicated in the margin of the draft base prospectus to which information in the draft base prospectus the relevant information items set out in the Annexes to this Regulation correspond.
Article 26
Information to be included in the base prospectus and the final terms
The information referred to as ‘Category A’ in Annexes 14 to 19, 22, 31, 33 and 35 to this Regulation shall be included in the base prospectus.
The information referred to as ‘Category B’ in Annexes 14 to 19, 22, 31, 33 and 35 to this Regulation shall be included in the base prospectus except for details of that information that are not known at the time of approval of that base prospectus. Such details shall be inserted in the final terms.
The information referred to as ‘Category C’ in Annexes 14 to 19, 22, 31, 33 and 35 to this Regulation shall be inserted in the final terms, unless it is known at the time of approval of the base prospectus, in which case it may be inserted in that base prospectus instead.
In addition to the information referred to in paragraphs 2 and 3 of this Article, the final terms may only contain the information referred to in Annex 28 to this Regulation. The form of the final terms referred to in Article 8(2)(a) of Regulation (EU) 2017/1129 shall indicate which of the information referred to in Annex 28 to this Regulation is to be determined in the final terms.
4a. The information included in a European Green Bond factsheet referred to in Article 10 of Regulation (EU) 2023/2631 of the European Parliament and of the Council ([^E0003]) and in the templates for voluntary pre-issuance disclosure referred to in Article 20 of that Regulation shall be considered ‘Category C’ information for the purposes of this Article.
The final terms shall not contradict the information included in the base prospectus.
Article 27
Prospectus summary
An overview section of a prospectus shall only use the term ‘summary’ if it complies with the requirements laid down in Article 7 of Regulation (EU) 2017/1129.
Where the summary of a prospectus is to be supplemented in accordance with Article 23 of Regulation (EU) 2017/1129, the new information shall be integrated in the summary of that prospectus in a way that enables investors to easily identify the changes. The new information shall be integrated in the summary of the prospectus either by producing a new summary or by supplementing the original summary.
CHAPTER IVa EU FOLLOW-ON PROSPECTUS AND EU GROWTH ISSUANCE PROSPECTUS
SECTION 1 Content of the EU Follow-on prospectus and of the EU Growth issuance prospectus
Article 28a
EU Follow-on prospectus for equity securities
An EU Follow-on prospectus for equity securities drawn up in accordance with Article 14a of Regulation (EU) 2017/1129 shall contain the information referred to in Annex 30 to this Regulation and, where applicable, any additional information referred to in Section 3 of Chapter II of this Regulation.
By way of derogation from paragraph 1, an EU Follow-on prospectus for the securities referred to in Articles 19(1), 19(2), 20(1) and 20(2) of this Regulation, where those securities are not shares or other transferable securities equivalent to shares, shall be drawn up in accordance with Article 28c of this Regulation.
Article 28b
EU Growth issuance prospectus for equity securities
An EU Growth issuance prospectus for equity securities drawn up in accordance with Article 15a of Regulation (EU) 2017/1129 shall contain the information referred to in Annex 34 to this Regulation and, where applicable, any additional information referred to in Section 3 of Chapter II of this Regulation.
By way of derogation from paragraph 1, an EU Growth issuance prospectus for the securities referred to in Articles 19(1), 19(2), 20(1) and 20(2) of this Regulation, where those securities are not shares or other transferrable securities equivalent to shares, shall be drawn up in accordance with Article 28d of this Regulation.
Article 28c
EU Follow-on prospectus for non-equity securities
An EU Follow-on prospectus for non-equity securities drawn up in accordance with Article 14a of Regulation (EU) 2017/1129 shall contain the following information:
- (a) where an EU Follow-on prospectus for non-equity securities is drawn up as a single document referred to in Article 14a(4), third subparagraph, of Regulation (EU) 2017/1129, it shall contain the information referred to in Annex 31 to this Regulation and, where applicable, any additional information referred to in Section 3 of Chapter II of this Regulation;
- (b) where an EU Follow-on prospectus for non-equity securities is drawn up as separate documents referred to in Article 14a(4), third subparagraph, of Regulation (EU) 2017/1129, it shall divide the required information into:
- (i) a registration document for an EU Follow-on prospectus (‘EU Follow-on registration document’), which shall contain the information referred to in Annex 32 to this Regulation and, where applicable, any additional information referred to in Section 3 of Chapter II of this Regulation;
- (ii) a securities note for an EU Follow-on prospectus (‘EU Follow-on securities note’), which shall contain the information referred to in Annex 33 to this Regulation and, where applicable, any additional information referred to in Section 3 of Chapter II of this Regulation;
- (iii) a summary where required by Article 7(1) of Regulation (EU) 2017/1129, drawn up in accordance with Article 7(12a) of that Regulation.
The information contained in Annexes 31, 32 and 33 shall be referred to as either of the following:
- (a) wholesale-specific, where that information refers specifically to non-equity securities that comply with any of the conditions set out in Article 7(1), second subparagraph, points (a) or (b), of Regulation (EU) 2017/1129; or
- (b) retail-specific, where that information refers specifically to non-equity securities other than those referred to in point (a) of this paragraph.
Article 28d
EU Growth issuance prospectus for non-equity securities
An EU Growth issuance prospectus for non-equity securities that is drawn up in accordance with Article 15a of Regulation (EU) 2017/1129, shall contain the information referred to in Annex 35 to this Regulation and, where applicable, any additional information referred to in Section 3 of Chapter II of this Regulation.
SECTION 2 Format of the EU Follow-on prospectus and of the EU Growth issuance prospectus
Article 28e
Format of the EU Follow-on prospectus for equity securities
For equity securities referred to in Article 28a(1) of this Regulation, an EU Follow-on prospectus shall be drawn up as a single document, in accordance with Article 14a(4), second subparagraph, of Regulation (EU) 2017/1129, and shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a summary drawn up in accordance with Article 7(12a) of Regulation (EU) 2017/1129;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annex 30 to this Regulation based on the order of sections set out in that Annex;
- (e) where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Follow-on prospectus.
Article 28f
Format of the EU Growth issuance prospectus for equity securities
For equity securities referred to in Article 28b(1) of this Regulation, an EU Growth issuance prospectus shall be drawn up as a single document, in accordance with Article 15a(4) of Regulation (EU) 2017/1129, and shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a summary drawn up in accordance with Article 7(12a) of Regulation (EU) 2017/1129;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annex 34 to this Regulation based on the order of sections set out in that Annex;
- (e) where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Growth issuance prospectus.
Article 28g
Format of the EU Follow-on prospectus for non-equity securities
For non-equity securities referred to in Article 28c and for equity securities referred to in Article 28a(2) of this Regulation, an EU Follow-on prospectus may be drawn up either as a single document or as separate documents, in accordance with Article 14a(4), third subparagraph, of Regulation (EU) 2017/1129.
Where an EU Follow-on prospectus, referred to in paragraph 1, is drawn up as a single document, it shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a summary, where required by Article 7(1) of Regulation (EU) 2017/1129, drawn up in accordance with Article 7(12a) of that Regulation;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annex 31 to this Regulation;
- (e) where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Follow-on prospectus.
Where an EU Follow-on prospectus referred to in the first subparagraph is based solely on Annex 31 to this Regulation, the order of its sections shall be the one set out in that Annex.
Where an EU Follow-on prospectus referred to in paragraph 1 is drawn up as separate documents, the EU Follow-on registration document and the EU Follow-on securities note shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (c) the other information referred to in Annexes 32 and 33 to this Regulation;
- (d) where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in that EU Follow-on registration document or that EU Follow-on securities note.
Where an EU Follow-on registration document and an EU Follow-on securities note are based solely on Annexes 32 and 33 to this Regulation, the order of their sections shall be the one set out in those Annexes.
Article 28h
Format of the EU Growth issuance prospectus for non-equity securities
For non-equity securities referred to in Article 28d and for equity securities referred to in Article 28b(2) of this Regulation, an EU Growth issuance prospectus shall be drawn up as a single document, in accordance with Article 15a(4) of Regulation (EU) 2017/1129, and shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a summary drawn up in accordance with Article 7(12a) of Regulation (EU) 2017/1129;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annex 35 to this Regulation;
- (e) where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Growth issuance prospectus.
Where an EU Growth issuance prospectus referred to in the first subparagraph is based solely on Annex 35 to this Regulation, the order of its sections shall be the one set out in that Annex.
Article 28i
Format of the EU Follow-on base prospectus
Where an EU Follow-on prospectus consists of a base prospectus and is drawn up as a single document, it shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a general description of the offering programme;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annex 31 and, where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Follow-on base prospectus.
Where an EU Follow-on prospectus consists of a base prospectus and is drawn up as separate documents, the EU Follow-on registration document and the EU Follow-on securities note shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) in the EU Follow-on securities note, a general description of the offering programme;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annexes 32 and 33 and, where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Follow-on registration document and the EU Follow-on securities note.
Where an EU Follow-on base prospectus referred to in the first subparagraph concerns a single issuer, the order of the sections of the EU Follow-on registration document shall be the one set out in Annex 32 to this Regulation.
An issuer, offeror or person asking for admission to trading on a regulated market may compile in a single document two or more base prospectuses.
Article 26 of this Regulation shall also apply to an EU Follow-on base prospectus.
Article 28j
Format of the EU Growth issuance base prospectus
Where an EU Growth issuance prospectus consists of a base prospectus, it shall be composed of the following elements set out in the following order:
- (a) a table of contents;
- (b) a general description of the offering programme;
- (c) the risk factors referred to in Article 16 of Regulation (EU) 2017/1129;
- (d) the other information referred to in Annex 35 and, where relevant, any additional information referred to in Section 3 of Chapter II of this Regulation that is to be included in the EU Growth issuance base prospectus.
Where an EU Growth issuance base prospectus concerns a single issuer, the order of the information set out in sections 2 to 8 of Annex 35 to this Regulation shall be followed.
An issuer or offeror may compile in a single document two or more base prospectuses.
Article 26 of this Regulation shall also apply to an EU Growth issuance base prospectus.
Article 28k
List of cross references
In an EU Follow-on prospectus for equity or non-equity securities, referred to in Articles 28e, 28g and 28i of this Regulation, where the requirement of a standardised format and sequence does not apply and the order of the information set out in the relevant Annexes is not followed by the issuer, offeror or person asking for admission to trading on a regulated market, competent authorities may request a list of cross references indicating the items of the relevant Annexes to which that information corresponds.
In an EU Growth issuance prospectus for equity or non-equity securities, referred to in Articles 28f, 28h and 28j of this Regulation, where the requirement of a standardised format and sequence does not apply and the order of the information set out in the relevant Annexes is not followed by the issuer or the offeror, competent authorities may request a list of cross references indicating the items of the relevant Annexes to which that information corresponds.
The list of cross references referred to in paragraphs 1 and 2 shall identify any items set out in the relevant Annexes that have not been included in the draft EU Follow-on prospectus or EU Growth issuance prospectus due to the nature or type of issuer, securities, offer or admission to trading.
Where no list of cross references is requested in accordance with paragraphs 1 and 2 or where no list is submitted by the issuer, offeror or, where applicable for an EU Follow-on prospectus, the person asking for admission to trading on a regulated market, it shall be indicated in the margin of the draft EU Follow-on prospectus or base prospectus, or of the draft EU Growth issuance prospectus or base prospectus, to which information in the draft prospectus or base prospectus the relevant items set out in the Annexes to this Regulation correspond.
Article 28l
EU Follow-on prospectus and EU Growth issuance prospectus summary
An overview section of an EU Follow-on prospectus or of an EU Growth issuance prospectus shall only use the term ‘summary’ if it complies with the requirements laid down in Article 7(12a) of Regulation (EU) 2017/1129.
Where the summary of an EU Follow-on prospectus or of an EU Growth issuance prospectus is to be supplemented in accordance with Article 23 of Regulation (EU) 2017/1129, the new information shall be integrated in the summary of that EU Follow-on prospectus or of that EU Growth issuance prospectus in a way that enables investors to easily identify the changes.
The new information referred to in the first subparagraph shall be integrated in the summary of the EU Follow-on prospectus or of the EU Growth issuance prospectus either by producing a new summary or by supplementing the original summary.
CHAPTER V SCRUTINY AND APPROVAL OF THE PROSPECTUS AND REVIEW OF THE UNIVERSAL REGISTRATION DOCUMENT
Article 35
Scope of the scrutiny
For the purposes of the scrutiny of the prospectus and the review of the universal registration document, references to the prospectus shall mean the prospectus or any of its constituent parts, including a universal registration document whether submitted for approval or filed without prior approval and any amendments thereto as well as supplements to the prospectus.
Article 36
Criteria for the scrutiny of the completeness of the information contained in the prospectus
For the purposes of scrutinising the completeness of the information in a draft prospectus, competent authorities shall consider all of the following:
- (a) whether the draft prospectus is drawn up in accordance with Regulation (EU) 2017/1129 and this Regulation, depending on the type of issuer, the type of issuance, the type of security and the type of offer or admission to trading;
- (b) whether the issuer has a complex financial history or has made a significant financial commitment, as referred to in Article 18.
For the purposes of point (b) of paragraph 1, competent authorities may require the issuer to include, modify or remove information from a draft prospectus, taking into account the following:
- (a) the type of securities;
- (b) the information already included in the prospectus and the existence and content of information already included in a prospectus of the entity other than the issuer, as well as the applicable accounting and auditing principles;
- (c) the economic nature of the transactions by which the issuer has acquired, or disposed of, its undertaking or any part of it, and the specific nature of that undertaking;
- (d) whether the issuer can obtain with reasonable effort information about the entity other than the issuer.
Article 37
Criteria for the scrutiny of the comprehensibility of the information contained in the prospectus
For the purposes of scrutinising the comprehensibility of the information in a draft prospectus, competent authorities shall consider all of the following:
- (a) whether the draft prospectus has a clear and detailed table of contents;
- (b) whether the draft prospectus is free from unnecessary reiterations;
- (c) whether related information is grouped together;
- (d) whether the draft prospectus uses an easily readable font size;
- (e) whether the draft prospectus has a structure that enables investors to understand its contents;
- (f) whether the draft prospectus defines the components of mathematical formulas and, where applicable, clearly describes the product structure;
- (g) whether the draft prospectus is written in plain language;
- (h) whether the draft prospectus clearly describes the nature of the issuer’s operations and its principal activities;
- (i) whether the draft prospectus explains trade or industry specific terminology.
However, competent authorities shall not be required to consider points (g), (h) and (i) where a draft prospectus is to be used exclusively for the purposes of admission to trading on a regulated market of non-equity securities for which a summary is not required by Article 7 of Regulation (EU) 2017/1129.
For the purposes of the first paragraph, competent authorities may, on a case-by-case basis and in addition to the information referred to in Article 7 of Regulation (EU) 2017/1129 and Article 33 of this Regulation, require that certain information provided in the draft prospectus be included in the summary.
Article 38
Criteria for the scrutiny of the consistency of the information contained in the prospectus
For the purposes of scrutinising the consistency of the information in a draft prospectus, the competent authority shall consider all of the following:
- (a) whether the draft prospectus is free of material discrepancies between the different pieces of information provided therein, including any information incorporated by reference;
- (b) whether any material and specific risks disclosed elsewhere in the draft prospectus are included in the risk factors section;
- (c) whether the information in the summary is in line with information elsewhere in the draft prospectus;
- (d) whether any figures on the use of proceeds correspond to the amount of proceeds being raised and whether the disclosed use of proceeds is in line with the disclosed strategy of the issuer;
- (e) whether the description of the issuer in the operating and financial review, the historical financial information, the description of the issuer’s activity and the description of the risk factors are consistent;
- (f) whether the working capital statement is in line with the risk factors, the auditor’s report, the use of proceeds and the disclosed strategy of the issuer and how that strategy will be funded.
Article 39
Scrutiny of the information contained in the prospectus of specialist issuers
Competent authorities may require additional information to be included in the prospectus based on the activities of the specialist issuers falling under one of the categories set out in Annex 29.
Article 40
Additional criteria for the scrutiny of the completeness, consistency and comprehensibility of the information contained in the prospectus
Where necessary for investor protection, the competent authority may apply criteria in addition to those laid down in Articles 36, 37 and 38 for the purposes of scrutinising the completeness, comprehensibility and consistency of the information in the draft prospectus.
Article 41
Proportionate approach in the scrutiny of draft prospectuses and review of the universal registration document
Where a first draft of a prospectus that is submitted to a competent authority is substantially similar to a prospectus that the same competent authority has already approved, and where that draft prospectus highlights all changes made to that approved prospectus, the competent authority shall only be required to apply the criteria laid down in Articles 36, 37 and 38 to scrutinise those changes and any other information affected by them.
For the purposes of scrutinizing a universal registration document filed without prior approval that has already been reviewed, or an amendment to such a document, competent authorities shall only be required to apply the criteria laid down in Article 36, 37 and 38 to those parts of the universal registration document or the amendment that have not been reviewed.
Where a first draft of a prospectus that incorporates information by reference to a document that has been approved in accordance with Regulation (EU) 2017/1129 or in accordance with the national provisions transposing Directive 2003/71/EC of the European Parliament and of the Council ([^E0005]), competent authorities shall only be required to apply the criteria laid down in Article 38 of this Regulation to scrutinise that information.
When applying paragraphs 1, 2 or 3, competent authorities shall request the issuer, offeror or person asking for admission to trading on a regulated market to confirm that all information in the final draft of the prospectus or universal registration document is up-to-date and contains all the information referred to in the Annexes to this Regulation applicable to that prospectus or universal registration document.
Where subsequent drafts of the prospectus are submitted to the competent authority, that competent authority, when scrutinising such subsequent drafts, shall only be required to apply the criteria laid down in Articles 36, 37 and 38 to changes made to the preceding draft and to any other information affected by those changes.
Article 42
Submission of an application for approval of a draft prospectus or filing of a universal registration document or of amendments thereto
All drafts of a prospectus shall be submitted to the competent authority in searchable electronic format via electronic means.
When submitting the first draft of the prospectus, the issuer, offeror or person asking for admission to trading on a regulated market shall provide the competent authority with a contact point for the competent authority to submit all notifications in writing and by electronic means.
The following information shall also be submitted to the competent authority in searchable electronic format via electronic means:
- (a) the list of cross references, where requested by the competent authority in accordance with Article 24(5) of this Regulation, or when submitted on own initiative;
- (b) where no list of cross reference is requested, a document that identifies any items set out in the Annexes to this Regulation that, due to the nature or type of issuer, securities, offer or admission to trading, have not been included in the draft prospectus;
- (c) any information that is incorporated into the prospectus by reference as referred to in Article 19 of Regulation (EU) 2017/1129, unless such information has already been approved by or filed with the same competent authority in searchable electronic format;
- (d) any reasoned request to the competent authority to authorise the omission of information from the prospectus as referred to in Article 18 of Regulation (EU) 2017/1129;
- (e) any request to the competent authority to make a notification as referred to in Article 25(1) of Regulation (EU) 2017/1129;
- (f) any request to the competent authority to make a notification as referred to in Article 26(2) of Regulation (EU) 2017/1129;
- (g) an appendix where required by Article 26(4) of Regulation (EU) 2017/1129, unless no summary is required pursuant to the second subparagraph of Article 7(1) of that Regulation;
- (h) a confirmation that, to the best of the knowledge of the issuer, all regulated information which was required to be disclosed under the national provisions transposing Directive 2004/109/EC of the European Parliament and of the Council ([^E0006]), where applicable, and under Regulation (EU) No 596/2014 of the European Parliament and of the Council ([^E0007]), has been filed and published in accordance with those acts over the last 18 months or over the period since the obligation to disclose that regulated information commenced, whichever is the shorter, where the issuer is submitting for approval a draft universal registration document or filing a universal registration document without prior approval and seeks to obtain the status of frequent issuer;
- (i) where a universal registration document is filed without prior approval, an explanation as to how a request for amendment or supplementary information as referred to in the second subparagraph of Article 9(9) of Regulation (EU) 2017/1129 has been taken into account in the universal registration document;
- (j) any other information requested by the competent authority for the purposes of the scrutiny and approval of the prospectus or the scrutiny, review and approval of the universal registration document.
Where a universal registration document that is filed without prior approval is annotated in the margin in accordance with Article 24(6), it shall be accompanied by an identical version without annotations in the margin.
Where a universal registration document is filed without prior approval or where a universal registration document is amended, the information referred to in points (a), (b), (c), (d), (h) and (i) of paragraph 2 shall be submitted at the time when the universal registration document is filed with the competent authority whilst the information referred to in point (j) of paragraph 2 shall be submitted during the review process. In all other cases, the information referred to in paragraph 2 shall be submitted together with the first draft of the prospectus submitted to the competent authority or during the scrutiny process.
Where a frequent issuer informs the competent authority that it intends to submit an application for approval of a draft prospectus in accordance with the second sentence of the first subparagraph of Article 20(6) of Regulation (EU) 2017/1129, that frequent issuer shall do so in writing and by electronic means.
The information referred to in the first subparagraph shall indicate the Annexes to this Regulation relevant for that draft prospectus.
Article 43
Changes to a draft prospectus during the approval procedure
Each version of the draft prospectus submitted after the first draft prospectus shall highlight all changes made to the preceding draft and shall be accompanied by an unmarked draft. Competent authorities shall accept marked extracts of the preceding draft prospectus where only limited changes have been made.
Where competent authorities, in accordance with Article 45(2) of this Regulation, have notified the issuer, offeror or person asking for admission to trading on a regulated market that the draft prospectus does not meet the standards of completeness, comprehensibility and consistency as referred to in Article 20(4) of Regulation (EU) 2017/1129, the subsequently submitted draft of the prospectus shall be accompanied by an explanation as to how the outstanding issues notified by competent authorities have been addressed.
Where changes made to a draft prospectus are self-explanatory or clearly address the outstanding issues notified by the competent authority, an indication of where the changes have been made to address the outstanding issues shall be considered sufficient explanation for the purposes of paragraph 2.
Article 44
Submission for approval of the final draft of the prospectus
The final draft of the prospectus shall be submitted for approval together with all the information referred to in Article 42(2) that has changed compared to the previous submission, with the exception of the information referred to in points (a) and (h) of that Article. The final draft of the prospectus shall not be annotated in the margin.
Where no changes have been made to the information referred to in Article 42(2), the issuer, offeror or person asking for admission to trading on a regulated market shall confirm so in writing and by electronic means.
Article 45
Acknowledgment of the receipt of an application for approval of a draft prospectus, or of the filing of a universal registration document or of an amendment thereto, and processing of an application for approval of a draft prospectus
Competent authorities shall acknowledge receipt of the initial application for approval of a draft prospectus or of the filing of a universal registration document as referred to in the second subparagraph of Article 9(2) of Regulation (EU) 2017/1129, or of an amendment to that universal registration document in writing and by electronic means as soon as possible and no later than by close of business on the second working day following the receipt of the application or filing.
Upon receipt of the initial application for approval of a draft prospectus and of the filing of a universal registration document, or of an amendment thereto, the competent authority shall inform the issuer, offeror or person asking for admission to trading on a regulated market of the following:
- (a) the reference number of the application or of the filing;
- (b) the contact point within the competent authority to which queries regarding the application or the filing may be addressed.
Where the draft prospectus does not meet the standards of completeness, comprehensibility and consistency necessary for its approval or where changes or supplementary information are needed, competent authorities shall inform the issuer, offeror or person asking for admission to trading on a regulated market thereof in writing and by electronic means.
Where the universal registration document referred to in the second subparagraph of Article 9(2) of Regulation (EU) 2017/1129, or an amendment to that universal registration document, does not meet the standards of completeness, comprehensibility and consistency or where amendments or supplementary information are needed, competent authorities shall inform the issuer thereof in writing and by electronic means. Where the shortcoming must be addressed without undue delay, as required by the third subparagraph of Article 9(9) of Regulation (EU) 2017/1129, the competent authority shall inform the issuer thereof.
The competent authority shall notify the issuer, offeror or person asking for admission to trading on a regulated market about its decision regarding the approval of the draft prospectus in writing and by electronic means as soon as possible and by no later than by close of business of the day on which that decision is taken.
CHAPTER VI FINAL PROVISIONS
Article 46
Repeal
Regulation (EC) No 809/2004 is repealed.
Article 46a
Prospectuses approved between 21 July 2019 and 16 September 2020
Prospectuses that have been approved between 21 July 2019 and 16 September 2020 shall continue to be valid until the end of their validity.
Article 47
Entry into force and application
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 21 July 2019.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
LIST OF ANNEXES
PART A
REGISTRATION DOCUMENTS
| Annex 1: | Registration document for equity securities |
| Annex 2: | Universal registration document |
| Annex 4: | Registration document for units of closed-end collective investment undertakings |
| Annex 5: | Registration document for depository receipts issued over shares |
| Annex 6: | Registration document for retail non-equity securities |
| Annex 7: | Registration document for wholesale non-equity securities |
| Annex 9: | Registration document for asset-backed securities |
| Annex 10: | Registration documents for non-equity securities issued by third countries and their regional and local authorities |
PART B
SECURITIES NOTES
| Annex 11: | Securities note for equity securities or units issued by collective investment undertakings of the closed-end type |
| Annex 13: | Securities note for depository receipts issued over shares |
| Annex 14: | Securities note for retail non-equity securities |
| Annex 15: | Securities note for wholesale non-equity securities |
PART C
ADDITIONAL INFORMATION TO BE INCLUDED IN THE PROSPECTUS
| Annex 17: | Securities giving rise to payment or delivery obligations linked to an underlying asset |
| Annex 18: | Underlying share |
| Annex 19: | Asset-backed securities |
| Annex 20: | Pro forma information |
| Annex 21: | Guarantees |
| Annex 22: | Consent |
PART E
OTHER CATEGORIES OF INFORMATION
| Annex 28: | List of additional information in final terms |
| Annex 29: | List of specialist issuers |
PART F
EU FOLLOW-ON PROSPECTUS
| Annex 30: | EU Follow-on prospectus for equity securities |
| Annex 31: | EU Follow-on prospectus for non-equity securities |
| Annex 32: | EU Follow-on registration document for non-equity securities |
| Annex 33: | EU Follow-on securities note for non-equity securities |
PART G
EU GROWTH ISSUANCE PROSPECTUS
| Annex 34: | EU Growth issuance prospectus for equity securities |
| Annex 35: | EU Growth issuance prospectus for non-equity securities |
ANNEX 1
REGISTRATION DOCUMENT FOR EQUITY SECURITIES
Reading this document does not replace reading the official text published in the Official Journal of the European Union. We assume no responsibility for any inaccuracies arising from the conversion of the original to this format.
This text is published under EUR-Lex's own terms of reuse, not a Legalize or public-domain licence.
EUR-Lex
Creative Commons Attribution 4.0 International (CC BY 4.0)
© European Union, https://eur-lex.europa.eu — Source: EUR-Lex (Publications Office of the European Union). Reused under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence. Only EU legislation published in the printed Official Journal of the European Union is deemed authentic; consolidated texts are reproduced here for documentation purposes and have been reformatted to Markdown.