Unlike securities prospectuses, investment prospectuses are not checked by the FMA. They are usually to be checked by external auditors for their correctness and completeness. The obligation to publish a prospectus is relaxed, where an exception pursuant to Article 3 KMG 2019 applies.
Notification in an EEA Member State as well as authorisation to a regulated market are not possible in the case of investment prospectuses.
A simplified prospectus pursuant to Annex D to the KMG 2019 may be produced, provided that the total value of investments offered within a 12 month period does not exceed EUR 5 million.
Investment prospectuses are generally valid for an unlimited period of time, in the event that they require supplements pursuant to Article 6 KMG.