The Financial Market Authority approved a total of 22 prospectuses during the third quarter of 2014 (Q3 2013: 23). By approving these prospectuses, the FMA allowed a maximum volume of € 3.8 billion to be issued. The comparable figure for the same period last year was € 32.5 billion. In addition, the FMA approved 43 supplements (Q3 2013: 24), and did not discontinue any approval procedures. These figures were disclosed in the Report on Austrian Supervision of Capital Market Prospectuses, published today by the FMA.
Prospectuses from 15 issuers were approved between 1 July and 30 September 2014 (Q3 2012: 16). When broken down according to the various categories of issuers, approvals in Q3 2014 were distributed as follows (with the figures for Q3 2013 in parentheses): IPOs, capital increases and listing prospectuses 0 (6), housing banks 3 (4), basis prospectuses 9 (5) and bonds 3 (1).
In order to use a prospectus or a supplement in another EEA Member State, a notification must first be sent to the national competent authority of the particular country. In Q3 2014 sister authorities notified the FMA of 81 prospectuses (Q3 2013: 88) and 216 supplements (Q3 2013: 605). The FMA provided notification of 13 prospectuses (10) and 24 supplements (9).
In response to infringements of the Capital Market Act, the FMA reported six cases to the public prosecutor’s office in the third quarter of 2014.
As part of the audit benchmark, the FMA must verify compliance with the conditions for approval, i.e. completeness, coherence and comprehensibility. Responsibility for the accuracy of the information given lies with the issuer, according to the Capital Market Act.
The full Quarterly Report can be found (in German) on the FMA website at: https://www.fma.gv.at/kapitalmaerkte/aufsicht-ueber-kapitalmarktprospekte/quartalsberichte/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516