The number of prospectuses approved by the Austrian Financial Market Authority (FMA) in the fourth quarter of 2014 amounted to 11, the figure thus remaining unchanged compared with 2013. The FMA also approved 73 supplements (Q4 2013: 18), while no approval procedures were discontinued. In all of 2014, 87 prospectuses (2013: 100) and 205 supplements (2013: 62) were approved, and four approval procedures (2013: 3) were discontinued. These figures were disclosed in the Report on Austrian Supervision of Capital Market Prospectuses, published today by the FMA.
When broken down according to the various categories of issuers, approvals in Q4 2014 were distributed as follows (with the figures for Q4 2013 in parentheses): IPOs, capital increases and listing prospectuses 2 (6), housing banks 4 (0), basis prospectuses 2 (2) and bonds 2 (2). In 2014 overall there were six approvals in the category of IPOs, capital increases and listing prospectuses (2013: 15), 15 in the category of housing banks (2013: 12), 31 in the category of basis prospectuses (2013: 24) and eleven in bonds (2013: 5).
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 Q4 2014 sister authorities notified the FMA of 68 prospectuses (68) and 219 supplements (591). The FMA provided notification of 3 prospectuses (4) and 25 supplements (14). A comparison with the previous year as a whole reveals a decline in the prospectuses notified by sister authorities, from 394 in 2013 to 340 in 2014, as well as in the notified supplements, from 2,541 to 1,083. With respect to outgoing notifications, there was a marginal increase for prospectuses (2013: 31, 2014: 32) and a significant one for supplements (2013: 29, 2014: 100).
In response to infringements of the Capital Market Act, the FMA imposed one administrative penalty and reported six cases to the public prosecutor’s office in the fourth quarter of 2014. Four administrative penalties (2013: 6) were imposed and 20 cases reported to the public prosecutor’s office (2013: 10) during 2014 overall.
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.
You can find the full Quarterly Report (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