ESMA_QA_1003

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1003

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Regulatory Context

Regulation : PROSPECTUS

Level 1 Regulation: Prospectus Regulation 2017/1129

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Public offer

Subject Matter: Supplements - Application of Article 23(3) subparagraphs 1 and 2

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Question

Submission Date: 12 July 2019

When must a financial intermediary comply with the obligations set out in the subparagraphs 1 and 2?

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ESMA Answer

Answer Date: 12-07-2019

[ESMA31-62-1258 Prospectuses Q&A 8.4] For the avoidance of doubt, ESMA would like to clarify that the obligations addressed to financial intermediaries in Article 23(3), subparagraphs 1 and 2, of the Prospectus Regulation, should be construed as follows: the obligation laid down in subparagraph 1 should be fulfilled only at the time when investors accept through a financial intermediary to purchase or subscribe the security. While the obligation laid down in subparagraph 2 should be fulfilled on the day when the supplement is published.

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This document was automatically extracted from the ESMA EMIR Q&A database.