ESMA_QA_997
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/997
Regulatory Context
Regulation : PROSPECTUS
Level 1 Regulation: Prospectus Regulation 2017/1129
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Prospectus Register
Subject Matter: Item 18.1.1 of Annex 1 Commission Delegated Regulation 2019/980: clarifying the meaning of “or such shorter period as the issuer has been in operation”
Question
Submission Date: 28 January 2021
Do these requirements only apply when the issuing entity has been operating for less than one year (e.g. when the issuer is a newly incorporated holding company of an established business) or is it if the business as a whole has less than one year of history?
ESMA Answer
Answer Date: 28-01-2021
[ESMA31-62-1258 Prospectuses Q&A 7.4d] The requirements1 only apply if the business as a whole has less than one year financial information. If in addition the entire business undertaking at the time of the prospectus is not accurately represented in the audited historical financial information required under item 18.1.1, the issuer will have to assess whether pro-forma information or complex financial history information is needed, e.g. where there is a merger.
- The requirements in 7.4b and 7.4c.
This document was automatically extracted from the ESMA EMIR Q&A database.