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FMA Q4 2016 Report on the Supervision of Capital Market Prospectuses: FMA approved 53 prospectuses and 71 supplements in 2016

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The number of capital market prospectuses approved by the FMA during the 4th Quarter of 2016 stood at twelve (Q4 2015: 15), with 15 supplements also being approved (Q4 2015: 14). No approval procedures were closed. The gross issue volume for interest-bearing securities stood at EUR 35.13 billion (Q4 2015: EUR 19.72 billion).

During the whole of 2016, 53 prospectuses (2015: 60) and 71 supplements (2015: 124) were approved, and one approval procedure was closed (2015: 6). These findings have emerged from the Report on the Supervision of Capital Market Prospectuses, which was published today by the Austrian Financial Market Authority (FMA).

 

Broken down into various different categories of issuers, the distribution was as follows: IPOs, capital increases and listing prospectuses (Q4 2016: 2 cf. Q4 2015: 1), housing finance banks (Q4 2016: 2 cf. Q4 2015: 3), base prospectuses (Q4 2016: 2 / Q4 2014: 3) and bonds (Q4 2015: 2 / Q4 2015: 5).

During the whole of 2016, there were six approvals in the category IPOs, capital increases and listing prospectuses (2015: 6), six in the category housing finance banks (2015: 9), 28 in the category base prospectuses (2015: 28) and six in the category bonds (2015: 8).

 

The submission of a notification to the respective competent national authority is a condition for being allowed to use a prospectus or a supplement in another EEA Member State. Partner authorities notified the FMA in the 4th Quarter of 2016 of 64 prospectuses (Q4 2015: 78) and 343 supplements (Q4 2015: 312). The FMA provided notification about two prospectuses (Q4 2015: 5) and seven supplements (Q4 2015: 10).

During the whole of 2016, partner authorities notified the FMA about 346 prospectuses, one prospectus fewer than in the previous year. The number of supplements notified by partner authorities stood at 1,198, 60 supplements more than in 2015. The FMA provided notifications about 23 prospectuses (2015: 29) and 41 supplements (2015: 58).

 

In response to infringements of the Capital Market Act, the FMA imposed seven administrative penalties in the fourth quarter of 2016 and reported five cases to the public prosecutor’s office. During the whole of 2016, the FMA imposed a total of 19 administrative penalties, and reported eight cases to the public prosecutor’s office.

 

During the checking process the FMA is required to check that the requirements to permit approval are all satisfied – namely completeness, coherence and comprehensibility. Under the Capital Market Act (KMG; Kapitalmarktgesetz) the issuer is responsible for the correctness of the information contained in the prospectus.

 

The full report can be found on the FMA website (in German only) 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

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