The FMA has today published a “Circular of the Financial Market Authority on issues relating to prospectus law”. In this Circular, the FMA set outs, on the basis of its practical supervisory and enforcement work, its legal opinion and interpretation in relation to the relevant provisions of the Kapitalmarktgesetz (Capital Market Act), Börsegesetz (Stock Exchange Act) and EU Regulation 809/2004/EC. The Circular covers all of the key areas of prospectus law. These include the question of whether, in the view of the FMA, a public offer is being made, the rules on exemption from the obligation to provide a prospectus, the obligation to prepare supplements to a prospectus, the presentation of risk factors, the restrictions governing the use of advertising language, and also technical issues and information on notification procedures within the EEA. The Circular is aimed in particular at issuers who are publicly offering securities or who intend to apply for securities to be admitted to a regulated market, as well as being aimed at any other interested members of the public.
It replaces the FMA’s previous Circular on this subject, published on 29 March 2007 (in German only).
Klaus Grubelnik (FMA Media Spokesperson)
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