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Q3 2017 FMA Report on Supervision of Capital Markets Prospectuses: FMA approves 18 prospectuses and 12 supplements; electronic approval procedure from 3.1.2018

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The Austrian Financial Market Authority (FMA) approved 18 capital market prospectuses during the third quarter of 2017 as well as also approving 12 supplements, with three approval procedures being closed. During the corresponding period in the preceding year 16 capital market prospectuses were approved and one approval procedure closed, with 12 supplements also being approved during that period. The gross issue volume for interest-bearing securities issued by issuers based in Austria stood at approximately EUR 26.4 billion, and was thus around 50 percent higher than in Q3 2016. These findings have emerged from the Report on the Supervision of Capital Market Prospectuses, which was published today by the Financial Market Authority (FMA).

Between 1 July and 30 September, prospectuses were approved from a total of 15 issuers. Broken down into various different categories of issuers, the distribution was as follows: IPOs, capital increases, listing prospectuses: 2 (Q3 2016: 2); housing banks: 1 (Q3 2016: 1); base prospectuses: 9 (Q3 2016: 11); bonds: 3 (Q3 2016: 1).

In response to infringements of the Capital Market Act, the FMA imposed ten administrative penalties in the third quarter of (Q3 2016: 3) and published one sanction and one penal order on the FMA website. During the reporting period no reports were made to the Public Prosecutor’s Office (Q3 2016: 2).

On an international basis, there was a visible reduction in the number of prospectuses notified to the FMA, from 84 in Q3 2016 to 61 in Q3 2017. The number of supplements notified to the FMA fell from 297 in Q3 2016 to 224 in Q3 2017. The majority of the incoming notifications were submitted to the FMA by the competent authority in Germany and the competent authority of the Grand Duchy of Luxembourg. The FMA submitted notifications about 10 prospectuses (Q3 2016: 8) and 5 supplements (Q3 2016: 4) to sister authorities.

From 2018, the FMA will permit the approval of securities prospectuses electronically, thereby considerably reducing the administrative burden for issuers. Following a one-off registration, in the future issuers or their representatives shall be able to submit all documents, such as for example prospectuses or supplements through a special FMA platform. Consequently, there will be no further need for certain activities such as production, printing and binding of documents, as well as there no longer being the need to make submissions to the FMA in person. In addition the FMA will also handle the submission of the approved prospectuses as well as the approved supplements to the Oesterreichische Kontrollbank (OeKB), that currently is still the responsibility of issuers. With regard the delivery of the administrative decision regarding the approval of a prospectus or supplement, the applicant may now decide between physically collection from the FMA as well as it being delivered by post, and in the latter case, the administrative decision will also be sent in advance by e-mail.

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

Journalists may address further enquiries to:

Mr. Tiemon Kiesenhofer, MBA
+43/(0)676/882 49 610