Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129
as it stood on 2019-03-14, permalink: /eu-eurlex/32019r0979/2019-03-14--8ca5780d1fb332084c959e359f676d30d73e24aa7f709579e294de8e161e92a3
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Outline, 23 provisions
art_1 art_2 art_3 art_4 art_5 art_6 art_7 art_8 art_9 art_10 art_11 art_12 art_13 art_14 art_15 art_16 art_17 art_18 art_19 art_20 art_21 art_22 art_23
Article 1
The key financial information in the summary of a prospectus shall be made up of the financial information laid down in the Annexes to Commission Delegated Regulation 2019/980 (5).
Where any information referred to in the relevant tables set out in Annexes I to VI to this Regulation is not included in the financial statements of the issuer, the issuer shall disclose a corresponding item from its financial statements instead.
The issuer may include additional line items or alternative performance measures in the summary of a prospectus where these are key financial information on the issuer or on the securities being offered or admitted to trading on a regulated market. For the purposes of the first sentence, alternative performance measures shall be financial measures of historical or future financial performance, financial position or cash flows, other than financial measures defined in the applicable financial reporting framework.
Issuers who do not fall under any of the types of issuers identified in Articles 2 to 8 shall present the key financial information referred to in the tables that they consider correspond most closely to the type of securities issued.
The key financial information shall be presented for the number of years required by Delegated Regulation 2019/980 for the type of issuance and the type of securities being issued.
Article 2
Where the issuer is a non-financial entity issuing equity securities, the summary of a prospectus shall contain the key financial information referred to in the tables set out in Annex I.
Article 3
Where the issuer is a non-financial entity issuing non-equity securities, the summary of a prospectus shall contain the key financial information referred to in the tables set out in Annex II.
Article 4
Where the issuer is a credit institution, the summary of a prospectus shall contain the key financial information referred to in the tables set out in Annex III.
Article 5
Where the issuer is an insurance company, the summary of a prospectus shall contain the key financial information referred to in the tables set out in Annex IV.
Article 6
Where the issuer is a special purpose vehicle issuing asset backed securities, the prospectus summary shall contain the key financial information referred to in the tables set out in Annex V.
Article 7
Where the issuer is a closed end fund, the summary of a prospectus shall contain the key financial information referred to in the tables set out in Annex VI.
Article 8
Where a guarantee is attached to the securities, the key financial information on the guarantor shall be presented as if the guarantor were the issuer of the same type of security that is the subject of the guarantee using the tables set out in Annexes I to VI. Where the guarantee is given for asset-backed securities, the key financial information on the guarantor shall be presented as if the guarantor were the issuer of the underlying securities.
Article 9
The key financial information shall be presented in tabular format in accordance with the tables of Annexes I to VI to this Regulation.
Any historical financial information in the summary of a prospectus, which is not extracted from the financial statements, shall be identified as such.
Where pro forma information to be included in the summary of a prospectus affects the key financial information referred to in the relevant table of Annexes I to VI to this Regulation, that pro forma information shall be presented in additional columns in the tables set out in Annexes I to VI to this Regulation or as a separate table. Where necessary for its understanding, the pro forma information shall be accompanied by a brief explanation of the figures presented in the additional columns or separate table.
Where in the case of a significant gross change only qualitative information is included in the prospectus, a statement to that effect shall be included in the summary of that prospectus.
- Where the issuer has a complex financial history as set out in Article 18 of Delegated Regulation 2019/980, the key financial information in the summary of the prospectus shall be presented in a manner consistent with the prospectus and using the relevant tables in Annexes I to VI to this Regulation.
Article 10
Where a prospectus, whether a single document or consisting of separate documents, contains hyperlinks to websites, it shall include a statement to the effect that the information on the websites does not form part of the prospectus and has not been scrutinised or approved by the competent authority. That requirement shall not apply to hyperlinks to information that is incorporated by reference.
Where a prospectus is published in accordance with Article 21(2) of Regulation (EU) 2017/1129, measures shall be taken on websites used for the publication of the prospectus to avoid targeting residents of Member States or third countries other than those where the securities are offered to the public.
Article 11
When providing ESMA with an electronic copy of an approved prospectus, including any supplements thereto and final terms where applicable, the competent authority shall also provide to ESMA with the relevant accompanying data for the classification of prospectuses in accordance with the tables set out in Annex VII to this Regulation.
Article 12
The competent authority shall provide the accompanying data referred to in Article 11 in a common XML format and in accordance with the format and standards set out in the tables in Annex VII.
Article 13
Where the issuer, the offeror or the person asking for admission to trading on a regulated market is subject to the obligation to draw up a prospectus, an advertisement shall clearly identify that prospectus by:
| (a) | clearly identifying the website where the prospectus is published, or will be published, where the advertisement is disseminated in written form and by means other than electronic means; |
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| (b) | including a hyperlink to the prospectus and to the relevant final terms of a base prospectus where the advertisement is disseminated in written form by electronic means, or by including a hyperlink to the page of the website where the prospectus will be published if the prospectus has not yet been published; |
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| (c) | including accurate information on where the prospectus may be obtained, and accurate information on the offer of securities or the admission to trading on a regulated market to which it relates, where the advertisement is disseminated in a form or by means not falling within the scope of points (a) or (b). |
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Article 14
- Advertisements disseminated to potential retail investors shall include the following elements:
| (a) | the word ‘advertisement’, in a prominent manner. Where an advertisement is disseminated in an oral form, the purpose of the communication shall be clearly identified at the beginning of the message; |
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| (b) | a statement that the approval of the prospectus should not be understood as an endorsement of the securities offered or admitted to trading on a regulated market where the advertisement contains a reference to a prospectus approved by a competent authority; |
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| (c) | a recommendation that potential investors read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the securities where the advertisement contains a reference to a prospectus approved by a competent authority; |
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| (d) | the comprehension alert required pursuant to point (b) of Article 8(3) of Regulation (EU) No 1286/2014 of the European Parliament and of the Council (6) where:(i)the advertisement relates to complex securities other than the financial instruments referred to in points (i), (ii) and (vi) of Article 25(4)(a) of Directive 2014/65/EU of the European Parliament and of the Council (7) and;(ii)the comprehension alert is, or will be, included in the summary of the prospectus. |
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| (i) | the advertisement relates to complex securities other than the financial instruments referred to in points (i), (ii) and (vi) of Article 25(4)(a) of Directive 2014/65/EU of the European Parliament and of the Council (7) and; |
| (ii) | the comprehension alert is, or will be, included in the summary of the prospectus. |
- Advertisements in written form, which are disseminated to potential retail investors, shall be sufficiently different in format and length from the prospectus that no confusion with the prospectus is possible.
Article 15
- Advertisements disseminated to potential investors shall be amended where:
| (a) | a supplement to the prospectus is subsequently published in accordance with Article 23 of Regulation (EU) 2017/1129; |
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| (b) | the significant new factor, material mistake or material inaccuracy mentioned in the supplement renders the previously disseminated advertisement materially inaccurate or misleading. |
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The first subparagraph shall not apply after the final closing of the offer period to the public or after the time when trading on a regulated market begins, whichever occurs later.
- Advertisements amended as referred to in paragraph 1 shall be disseminated to potential investors without undue delay following the publication of the supplement to the prospectus and shall contain all of the following:
| (a) | a clear reference to the inaccurate or misleading version of the advertisement; |
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| (b) | an explanation that the advertisement has been amended as it contained materially inaccurate or misleading information; |
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| (c) | a clear description of the differences between the two versions of the advertisement. |
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- With the exception of orally disseminated advertisements, advertisements amended pursuant to paragraph 1 shall be disseminated through at least the same means as the previous advertisement.
Article 16
- Information disclosed in oral or written form concerning an offer of securities to the public or an admission to trading on a regulated market, whether as an advertisement or for other purposes, shall not:
| (a) | contradict the information in the prospectus; |
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| (b) | refer to information which contradicts the information in the prospectus; |
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| (c) | present the information in the prospectus in a materially unbalanced way, including by way of presentation of negative aspects of such information with less prominence than the positive aspects, omission or selective presentation of certain information; |
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| (d) | contain alternative performance measures unless they are contained in the prospectus. |
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For the purposes of the paragraph 1, information in the prospectus shall consist of either information included in the prospectus, where already published, or information to be included in the prospectus, where the prospectus is to be published at a later date.
For the purposes of point (d) of the paragraph 1, alternative performance measures shall consist of financial measures of historical or future financial performance, financial position or cash flows, other than financial measures defined in the applicable financial reporting framework.
Article 17
- Where the competent authority of a Member State in which an advertisement is disseminated believes that the content of that advertisement is inconsistent with the information in the prospectus, it may request the assistance of the competent authority of the home Member State. Where requested, the competent authority in which the advertisement is disseminated shall communicate the following to the competent authority of the home Member State:
| (a) | its reasons for believing that the content of the advertisement is inconsistent with the information in the prospectus; |
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| (b) | the relevant advertisement and, where necessary, a translation of the advertisement in the language of the prospectus or in a language customary in the sphere of international finance. |
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- The competent authority of the home Member State shall transmit to the competent authority in which the advertisement is disseminated as soon as possible the results of its assessment of the consistency of the advertisement with the information in the prospectus.
Article 18
- A supplement to the prospectus shall be published where:
| (a) | new annual audited financial statements are published by any of the following:(i)an issuer where a prospectus relates to equity securities;(ii)an issuer of the underlying shares or other transferable securities equivalent to shares in case of securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980;(iii)an issuer of the underlying shares of depository receipts referred to in Articles 6 and 14 of Delegated Regulation 2019/980; |
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| (i) | an issuer where a prospectus relates to equity securities; |
| (ii) | an issuer of the underlying shares or other transferable securities equivalent to shares in case of securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980; |
| (iii) | an issuer of the underlying shares of depository receipts referred to in Articles 6 and 14 of Delegated Regulation 2019/980; |
| (b) | an issuer has published a profit forecast or estimate following the approval of the prospectus, where a profit forecast or estimate is required to be included in the prospectus pursuant to Delegated Regulation 2019/980; |
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| (c) | an amendment to, or a withdrawal of, a profit forecast or a profit estimate is included in the prospectus; |
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| (d) | a change in control occurs in respect of any of the following:(i)an issuer where a prospectus relates to equity securities;(ii)an issuer of the underlying shares or other transferable securities equivalent to shares where a prospectus relates to securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980;(iii)an issuer of the underlying shares of depository receipts referred to in Articles 6 and 14 of Delegated Regulation 2019/980; |
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| (i) | an issuer where a prospectus relates to equity securities; |
| (ii) | an issuer of the underlying shares or other transferable securities equivalent to shares where a prospectus relates to securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980; |
| (iii) | an issuer of the underlying shares of depository receipts referred to in Articles 6 and 14 of Delegated Regulation 2019/980; |
| (e) | third parties make a new takeover bid as defined in Article 2(1)(a) of Directive 2004/25/EC of the European Parliament and of the Council (8) or the result of any takeover bid becomes available in respect of any of the following type of securities:(i)the equity of the issuer where a prospectus relates to equity securities;(ii)the equity of the issuer of the underlying shares or other transferable securities equivalent to shares where a prospectus relates to securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980;(iii)the equity of the issuer of the underlying shares of depository receipts where a prospectus is drawn up in accordance with Articles 6 and 14 of Delegated Regulation 2019/980; |
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| (i) | the equity of the issuer where a prospectus relates to equity securities; |
| (ii) | the equity of the issuer of the underlying shares or other transferable securities equivalent to shares where a prospectus relates to securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980; |
| (iii) | the equity of the issuer of the underlying shares of depository receipts where a prospectus is drawn up in accordance with Articles 6 and 14 of Delegated Regulation 2019/980; |
| (f) | the working capital statement included in a prospectus becomes sufficient or insufficient for the issuer’s present requirements, in relation to:(i)equity securities;(ii)securities which are convertible or exchangeable as referred to in Articles 19(2) and 19(3) of Delegated Regulation 2019/980;(iii)depository receipts issued over shares as referred to in Articles 6 and 14 of Delegated Regulation 2019/980. |
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| (i) | equity securities; |
| (ii) | securities which are convertible or exchangeable as referred to in Articles 19(2) and 19(3) of Delegated Regulation 2019/980; |
| (iii) | depository receipts issued over shares as referred to in Articles 6 and 14 of Delegated Regulation 2019/980. |
| (g) | an issuer is seeking admission to trading on at least one additional regulated market in at least one additional Member State or is intending to make an offer of securities to the public in at least one additional Member State that is not mentioned in the prospectus; |
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| (h) | in the case of a prospectus relating to equity securities or to other securities referred to in Articles 19(2), 19(3) or 20(2) of Delegated Regulation 2019/980, a new significant financial commitment is likely to give rise to a significant gross change within the meaning of Article 1(e) of that Delegated Regulation; |
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| (i) | the aggregate nominal amount of the offering programme is increased. |
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Article 19
When uploading any documents referred to in Article 25(6) of Regulation (EU) 2017/1129 into the notification portal, the competent authority shall ensure those documents are in a searchable electronic format that cannot be modified and are accompanied by the data relating to those documents as specified in the tables of Annex VII to this Regulation in a common XML format.
Article 20
ESMA shall ensure that the notification portal automatically processes and checks all uploaded documents and accompanying data and notifies the uploading competent authority of whether the upload was successful and whether the upload contained any error.
ESMA shall ensure that the notification portal sends notifications of uploaded documents and accompanying data to the relevant competent authorities.
Article 21
ESMA shall ensure that the notification portal makes any uploaded documents and accompanying data to the relevant competent authorities.
Article 22
Delegated Regulation (EU) No 382/2014 is repealed.
Delegated Regulation (EU) 2016/301 is repealed.
Article 23
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 21 July 2019.
Provenance and validity dates, identifier, hash
| as of | 2019-03-14 → this publisher state was selected |
| publisher state | publisher version 2019-03-14 → 2020-09-16 publisher-asserted |
| type | REG Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014 and Commission Delegated Regulation (EU) 2016/301 (Text with EEA relevance) |
| language | en |
| published | 2019-03-14 |
| lex_id | eu-eurlex:32019r0979:2019-03-14--8ca5780d1fb332084c959e359f676d30d73e24aa7f709579e294de8e161e92a3 |
| record sha256 | cc4f209c9f43c9a19eb19c6d36f1dab6cde5aa633670bfc456875ca73015a9d0 |
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