From 01.01.2027 investment prospectuses are required to be approved by the Austrian Financial Market Authority (FMA) and are valid for a maximum of 12 months from the time they are approved. Provided that the total value of investments offered within a 12 month period does not exceed EUR 12 million, a simplified prospectus pursuant to Annex D to the Capital Markets Act 2019 (KMG 2019; Kapitalmarktgesetz 2019) may be produced.<\/p>
Notification in an EEA Member State as well as authorisation to a regulated market are not possible for investment prospectuses.<\/p>
It has however been clarified that with effect from 01.01.2027 public offerings of investments are now only permissible based on a prospectus that has been approved by the FMA.<\/p>
Where a new or continued public offering takes place from 01.01.2027 in relation to an investment issued under the old legal basis (e.g. the active placement or distribution by the issuer, extension of the length of the offering, further advertisements or the issuance of new tranches), an investment prospectus approved by the Financial Market Authority is required.<\/p>
Prospectuses that were drawn up under the old legal basis may no longer be updated by supplements under the existing system from 01.01.2027. Where a supplement would be required for a public offering, then a prospectus that has been approved by the Financial Market Authority under the new legal basis is required to be submitted.<\/p>