Securities prospectuses

Responsibilities of the supervisory authority

The endorsement and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market are governed by law and harmonised within the EEA.

To be valid, a securities prospectus must be accepted by the FMA and published with legal effect. In accordance with the legal basis, the FMA examines these securities prospectuses for completeness, consistency, and comprehensibility.

Similarly, supplements to securities prospectuses already endorsed require the acceptance of the FMA. Such supplements shall be made by the issuer if, between the time when the prospectus is endorsed and the final closing of the offer to the public or, if later, the time when trading on a regulated market begins, significant new factors arise or mistakes in the original are discovered.

The correctness of the information contained in a securities prospectus is not subject to the FMA's standard of scrutiny under the law. In principle, the issuer in question is liable for the correctness of the information provided in a securities prospectus.