Turbulence in the capital markets witnessed as fall out of the COVID-19 crisis have also left deeply visible traces in the issuance activity of entities in the European Economic Area (EEA). The Austrian Financial Market Authority (FMA) approved 19 capital market prospectuses during the 2nd quarter of 2020 five less than in the 2nd quarter of 2019, a fall of 20.8%. The number of supplements to be approved fell during this period from 32 to 27 (-15.6%). In contrast there was a increase from 1,175 (Q2 2019) to 4,463 (+280%) in the final terms filed for approved base prospectuses, which was mainly due to the renewed filing of final terms by an issuer as part of the migration to the new prospectus regime. These findings have emerged from the Report on the Supervision of Capital Market Prospectuses for the 2nd Quarter of 2020, which was published today by the Austrian Financial Market Authority (FMA).
In cross-border activity, 142 prospectuses were notified to the FMA from the European Economic Area (EEA) during the 2nd Quarter of 2020 for marketing interest-bearing securities in Austria; this was an decrease of 15.48% compared against the corresponding period in the previous year, when 168 prospectuses were notified. The number of notified supplements fell by 163 to 102 during the 2nd Quarter of 2020 (-61.5%). The FMA in turn notified 13 prospectuses (-13.3%) and 19 supplements (-5%) to sister authorities within the EEA during this period; during the 2nd quarter of 2019 it notified 15 prospectuses and 20 supplements.
The full quarterly report can be found on the FMA Website (in German only).
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Klaus Grubelnik
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