Chapter 12: Prospectus Law

Question 1

Where does the prospectus apply?

Answer 1

To closed-end type units issued by collective investment undertakings.

Question 2

When it is required to publish a prospectus?

Answer 2

For admission of securities on the stock exchange or on any other regulated market operating in the Republic.

Question 3

Which types of securities are exempt from the obligation to publish a public offer?

Answer 3

Shares issued as a substitution of shares of the same class already issued, provided that this does not involve any increase in the issued shared capital.

Question 4

Where there is no obligation to publish a prospectus?

Answer 4

• For shares representing at most 10% over 12 months of the number of shares of the same class already admitted on the same regulated market over a period of 12 months.
• Qualified investors.

Question 5

Where does the Prospectus Law not apply?

Answer 5

• To non-equity securities issued by the ECB or CBC
• To securities guarantee by the Republic.
• To non-equity securities issued in a continuous or repeated manner by credit institutions.
• Securities included in an offer where it is less than 5 million euros in the last 12 months in the EU.
• Non-equity securities issued in a continuous or repeated manner by credit institutions where it does not exceed 75million euros in the last 12 months in the EU.
• ‘Bosta’: credit institutions in Sweden.