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FMA Q4 2015 Report on the Supervision of Capital Market Prospectuses

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The number of prospectuses approved by the Austrian Financial Market Authority (FMA) in the fourth quarter of 2015 amounted to 15, an increase by four compared with the same quarter of 2014. In addition, the FMA approved 14 supplements (Q4 2014: 73), no approval procedures were discontinued. This was contrasted by a gross issuing volume, with regard to interest-bearing securities, of € 21.7 billion (Q4 2014: € 32.1 billion). In all of 2015, 60 prospectuses (2014: 87) and 124 supplements (2014: 204) were approved, and six approval procedures (2014: 4) 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 2015 were distributed as follows (with the figures for Q4 2014 in parentheses): IPOs, capital increases and listing prospectuses 1 (2), housing banks 3 (2), base prospectuses 3 (2) and bonds 5 (5). In 2015 overall there were six approvals in the category of IPOs, capital increases and listing prospectuses (6), 9 in the category of housing banks (15), 28 in the category of base prospectuses (31) and 8 in bonds (11).

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 2015 partner authorities notified the FMA of 78 prospectuses (68) and 312 supplements (219). The FMA provided notification of 5 prospectuses (3) and 10 supplements (25). A comparison with the previous year as a whole reveals an increase in the prospectuses notified by partner authorities, from 340 in 2014 to 347 in 2015, as well as in the notified supplements, from 1 083 to 1 138. With respect to outgoing notifications, there was a marginal decrease for prospectuses (2014: 32, 2015: 29) and a significant one for supplements (2014: 100, 2015: 58).
In response to infringements of the Capital Market Act (KMG), the FMA imposed one administrative penalty in the fourth quarter of 2015. In 2015 overall the FMA imposed 18 administrative penalties (2014: 4) and reported 13 cases to the public prosecutor’s office (2014: 20).

As part of the audit benchmark, the FMA is required to 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 KMG.

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