The Financial Market Authority FMA approved a total of six prospectuses during the third quarter of 2012. By comparison, there were 27 prospectuses approved during the same period last year. The number of approved supplements, in contrast, increased: compared with 15 in Q3 2011, there were 39 as of 31 September 2012. The considerable difference between Q3 2011 and Q3 2012 is accounted for by the new prospectus regime that entered into force at the beginning of July 2012, so that a large number of applications for prospectus approval were submitted earlier than originally planned. By approving the prospectuses, the FMA allowed a maximum volume of €1 billion to be issued. The news was disclosed in the Report on Prospectus Supervision, published today by the FMA.<\/p>
During Q3 2012, one base prospectus was approved (12 in Q3 2011), and one approval was also granted in the issuer category of building loan banks (2 in Q3 2011). There was an increase in the number of industrial bond issues, from one in Q3 2011 to four during the same period in 2012.<\/p>
In order to use a prospectus or a supplement in another EEA Member State, a notification must first be sent to the competent authority of the particular country. From July to September 2012, sister authorities notified the FMA of a total of 32 prospectuses (Q3 2011: 102) and 490 supplements (Q3 2011: 548). The FMA provided notification of two prospectuses (Q3 2011: 6) and ten supplements (Q3 2011: 10) to sister authorities.<\/p>
In response to infringements of the Kapitalmarktgesetz (Capital Market Act), the FMA imposed eight administrative penalties and reported one case to the public prosecutor’s office.<\/p>