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Obligation to produce a prospectus

Public offering or the authorisation of access to a regulated market for securities or the public offering of investments in Austria requires in principle the publication of a securities prospectus or an investment prospectus. The Capital Market Act (KMG), which to a large extent transposes the Prospectuses Directive, Directive 2003/71/EC, and is the primary legal basis both for securities and investments, with in the case of a public offering or approval to trade on a regulated market for securities the prospectus regulation (Regulation (EC) No 809/2004) is of decisive meaning. The obligation to publish a prospectus is relaxed, where an exception pursuant Article 3 KMG applies.