{"id":20686,"date":"2019-02-20T15:33:43","date_gmt":"2019-02-20T14:33:43","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=20686"},"modified":"2019-03-04T17:07:17","modified_gmt":"2019-03-04T16:07:17","slug":"capital-market-prospectuses","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/investments\/capital-market-prospectuses\/","title":{"rendered":"Capital Market Prospectuses"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p><div class=\"card\">  <div class=\"card-header\" id=\"heading-6a3ac7225cc48\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a3ac7225cc48\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a3ac7225cc48\">        <span>What is a capital market prospectus?<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a3ac7225cc48\" class=\"collapse\" aria-labelledby=\"heading-6a3ac7225cc48\">    <div class=\"card-body\"><p><\/p><p>Capital market prospectuses are usually very detailed, and should not be confused with advertising material or information flyers that are sometimes also referred to as a &ldquo;prospectus&rdquo;.<\/p><p>Capital market prospectuses are intended to permit you as an investor to provide you with an <strong>fundamental picture about the issuer and the securities or investments that it offers publicly<\/strong>. By way of explanation: An issuer issues securities. In the case of a public offering of a product, investors must be places in the position by the prospectus to be able to make an informed decision to buy.<\/p><p>Such information must be contained in a clear and comprehensible manner in the capital market prospectus:<\/p><ul>\n<li>Inspecting <strong>assets<\/strong> and <strong>liabilities<\/strong><\/li>\n<li>Information about the <strong>financial situation<\/strong><\/li>\n<li><strong>Profits<\/strong> and <strong>losses<\/strong><\/li>\n<li><strong>Future prospects<\/strong> of the issuer and every guarantor<\/li>\n<li>The <strong>rights<\/strong> associated with securities or investments <\/li>\n<\/ul><p>In order to be able to gain one&rsquo;s bearings among the wealth of information, every prospectus must also contain a summary. It should be understood as an introduction that contains the most important information and warnings in a clear way in the summary of the prospectus.<\/p><p>The obligation to publish a prospectus also applies for the admittance to trading on a stock exchange. The Stock Exchange Act (B&ouml;rseG; B&ouml;rsegesetz) however stipulates certain individual exceptions, for example in the case of exchange offers in the case of a takeover, merger or demerger of companies.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a3ac7225cc9b\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a3ac7225cc9b\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a3ac7225cc9b\">        <span>For which products must a prospectus be drawn up?<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a3ac7225cc9b\" class=\"collapse\" aria-labelledby=\"heading-6a3ac7225cc9b\">    <div class=\"card-body\"><p><\/p><p>A prospectus is generally to be drawn up for all securities and investments that are publicly offered.<\/p><p>Exceptions from the obligation to publish a prospectus however include, among others, public offerings of securities or investments to less than 150 persons or with a total consideration of less than EUR 2 million. Below the EUR 2 million threshold the Alternative Financing Act (AltFG; Alternativfinanzierungsgesetz) applies, which prescribes a less comprehensive information document for investors. Where the total consideration is less than EUR 250,000 then not only is the obligation to publish a prospectus under the Capital Market Act (KMG; Kapitalmarktgesetz) is waived, but also the information requirement in the Alternative Financing Act (AltFG; Alternativfinanzierungsgesetz). All exemptions in relation to the obligation to publish a prospectus may be found in Article&nbsp;3 of the Capital Market Act.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a3ac7225ccb0\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a3ac7225ccb0\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a3ac7225ccb0\">        <span>What does a prospectus approval by the FMA mean?<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a3ac7225ccb0\" class=\"collapse\" aria-labelledby=\"heading-6a3ac7225ccb0\">    <div class=\"card-body\"><p><\/p><p>The <strong>FMA checks prospectuses<\/strong> for their:<\/p><ul>\n<li>completeness<\/li>\n<li>coherence<\/li>\n<li>comprehensibility.<\/li>\n<\/ul><p>For a securities prospectus to be valid, it must been approved and legally <a href=\"https:\/\/www.fma.gv.at\/en\/capital-markets\/prospectus-supervision\/publications-of-the-prospectus-regime\/%E2%80%9D&gt;published&lt;\/a&gt;%20by%20the%20FMA.%20The%20respective%20issuer%20is%20liable%20for%20the%20correctness%20of%20the%20information%20contained%20in%20a%20securities%20prospectus.&lt;\/p&gt;%0A&lt;p&gt;Investment%20prospectuses,%20such%20as%20with%20regard%20to%20participations%20by%20limited%20partners%20or%20silent%20participations,%20which%20are%20offered%20publicly,%20must%20be%20checked%20for%20their%20completeness%20and%20correctness%20by%20a%20prospectus%20auditor%20(for%20example%20&lt;a%20href=\" https:>external auditors<\/a>). These prospectuses are not approved by the FMA<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a3ac7225ccc8\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a3ac7225ccc8\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a3ac7225ccc8\">        <span>The FMA&rsquo;s prospectus approval does not constitute a product review!<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a3ac7225ccc8\" class=\"collapse\" aria-labelledby=\"heading-6a3ac7225ccc8\">    <div class=\"card-body\"><p><\/p><p>The FMA only checks securities prospectuses for <strong>completeness<\/strong>, <strong>coherence<\/strong> and <strong>comprehensibility<\/strong>. The FMA is unable to review the correctness of the information. The respective <strong>issuer is liable for the correctness<\/strong> of the details published in a securities prospectus, in particular guaranteed features (for example absolute safety, opportunities for high yield, the highest possible security, low volatility).<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a3ac7225ccf8\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a3ac7225ccf8\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a3ac7225ccf8\">        <span>How can you access a capital market prospectus<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a3ac7225ccf8\" class=\"collapse\" aria-labelledby=\"heading-6a3ac7225ccf8\">    <div class=\"card-body\"><p><\/p><p>Both securities and investment prospectuses are as a rule made available free of charge <strong>as the registered office of the issuer<\/strong>. You may also download the prospectus on the <strong>issuer&rsquo;s website<\/strong> or provider.<\/p><p>The Oesterreichische Kontrollbank AG, with its registered office in Vienna, is the legal repository. You may enquire at the notification office whether a prospectus was published. Copies of the prospectuses may be requested from the OeKB for a nominal fee.<\/p><p>    <\/div>  <\/div><\/div><p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":20981,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"megamenu-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-20686","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Capital Market Prospectuses - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/investments\/capital-market-prospectuses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital Market Prospectuses - 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