Prospectus - 32017R1129

Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC - Prospectus

Gerð á tungumálum ESB: OJ L 168, 30.6.2017, p. 12

Ákvörðun sameiginlegu nefndarinnar á ensku: OJ L 235, 12.9.2019, p. 5

Ákvörðun sameiginlegu nefndarinnar á tungumálum ESB

Reglugerð Evrópuþingsins og ráðsins (ESB) 2017/1129 frá 14. júní 2017 um lýsingu sem birta skal þegar verðbréf eru boðin í almennu útboði eða tekin til viðskipta á skipulegum markaði og um niðurfellingu á tilskipun 2003/71/EB

Gerð á íslensku: EEA Suppl. No 92, 14.11.2019, p. 72-142

Ákvörðun sameiginlegu nefndarinnar á íslensku: EEA Supplement No 73, 12.9.2019, p. 1

Samlestur enskrar og íslenskra útgáfu (opnast í skiptum glugga)

Tillaga sem gæti verið EES-tæk
Gerð í skoðun hjá EES-EFTA ríkjunum
Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
Tekin upp í EES-samninginn og í gildi
Tekin upp í EES-samninginn en ekki lengur í gildi

Staða og svið tillögu/gerðar

Staða tillögu/gerðar	ESB gerð sem hefur verið tekin upp í EES-samninginn og er í gildi
Svið (EES-samningur, viðauki)	09 Fjármálaþjónusta
Ákvörðun sameiginlegu nefndarinnar (JCD)	084/2019
Þennan dag skulu skilyrði uppfyllt á EES-svæðinu	21.07.2019
Staðfestur gildistökudagur	29.06.2019
Í gildi á EES-svæðinu	Já

Almennar upplýsingar

Útdráttur

Um er að ræða endurskoðun á núverandi regluverki, þ.e. tilskipun 2003/71/ESB (með síðari breytingum) um lýsingar. Sú endurskoðun er hluti aðgerðaráætlunar ESB um að koma á Bandalagi um fjármagnsmarkaði (e. Capital Markets Union, CMU). Tilskipun 2003/71/ESB mælir fyrir um samræmdar meginreglur og reglur um lýsingar; gerð þeirra, samþykki og birtingu, við almennt útboð verðbréfa eða þegar verðbréf eru tekin til skráningar á skipulegum verðbréfamarkaði. Samræmi reglna á þessu sviði gerir það kleift að markaðssetja lýsingar yfir landamæri innan EES (e. passporting). Skoðun ESB á framkvæmd og reglum nefndrar tilskipunar leiddi í ljós að talin var þörf á að einfalda og bæta reglur um lýsingar, auka skilvirkni þeirra og alþjóðlega samkeppnishæfni innan ESB og draga úr íþyngjandi stjórnsýslumeðferð.

Nánari efnisumfjöllun

Reglugerðin um lýsingar fellir tilskipun 2003/71/ESB úr gildi og kemur í hennar stað. Reglugerðin var birt 30. júní 2017 í stjórnartíðindum ESB og tók gildi 20. júlí 2017. Flest ákvæði hennar taka þó ekki gildi fyrr en frá og með 21. júlí 2019.

Markmið reglugerðarinnar er, eins og fyrri tilskipunar, að tryggja fjárfestavernd og skilvirkni markaða samhliða því að bæta innri markaðinn með fjármagn. Greiða á aðgengi fyrirtækja að fjármögnun, þá sérstaklega lítilla og meðalstórra fyrirtækja. Í því skyni einfaldar reglugerðin reglur og stjórnsýslumeðferð. Þær breytingar sem reglugerðin kveður á um, frá fyrra regluverki eru í stuttu máli eftirfarandi:

- Undanþágur frá skyldu til útgáfu lýsinga í ákveðnum tilvikum (svo sem smærri útboða).
- Ný tegund lýsingar er kynnt til sögunnar, þ.e. Vaxtarlýsing ESB, sem er einfaldari lýsing fyrir minni fyrirtæki og smærri útgáfur.
- Endurskoðaðar reglur um efni lýsingar, þ.e. með það að markmiði að þær eru styttri og fela í sér betri upplýsingar til fjárfesta.
- Einföldun reglna m.t.t. seinni útgáfu skráðra fyrirtækja.
- Skjótari og einfaldari ferli fyrir tíða útgefendur.
- Aðgengi að öllum lýsingum á einum stað innan EES (vefsvæði Evrópsku verðbréfamarkaðseftirlitsstofnunarinnar).

Þá er kveðið á um skyldur eftirlita aðildarríkja til samstarfs við önnur eftirlit, hvort sem um er að ræða rannsóknir, eftirlit eða framfylgni við ákvarðanir. Aðrar breytingar sem reglugerðin kveður á um, eru t.d. styttri tímafrestir, styttri samantekt, meiri möguleikar í tengslum við útgáfu grunnlýsinga, hnitmiðaðri umfjöllun um áhættuþætti og ný fjárhæðarmörk.

Staða innan stjórnsýslunnar

Stofnun hefur lokið yfirferð	Já
Þörf á aðlögun í ákvörðun sameiginlegu nefndarinnar	Tæknilegri aðlögun, Efnislegri aðlögun
Fagráðuneyti hefur lokið vinnu við upplýsingablað og samþykkir drög að ákvörðun sameiginlegu nefndarinnar	Já
Alþingi hefur lokið mati sínu	Já
Utanríkisráðuneyti hefur veitt samþykki fyrir því að drög að ákvörðun sameiginlegu nefndarinnar séu send til ESB	Já
Sent til Alþingis	08.11.2018

Innleiðing

Innleiðing	Lagasetning/lagabreyting
Tilgreinið hvaða lög eða reglugerð þarf að setja eða breyta	Breyta þarf lögum sem gilda um lýsingar að íslenskum rétti (verðbréfamarkaður).
Staða innleiðingarvinnu	Innleiðing ekki hafin

Samráð

Samráð	Já
Hvaða hagsmunaaðilar	Fjármálaeftirlitið, Kauphöll Íslands hf., Samtök fjármálafyrirtækja

Áhrif

Áætlaður kostnaður hins opinbera	Ekki vitað

Ábyrgðaraðilar

Ábyrgt ráðuneyti	Fjármála- og efnahagsráðuneytið
Aðrar stofnanir sem hafa aðkomu	Seðlabanki Íslands

Samþykktar gerðir birtar í Stjórnartíðindum ESB

CELEX-númer	32017R1129
Þennan dag skulu skilyrði uppfyllt í ESB	14.06.2017
Samþykkt tilvísun í Stjórnartíðindi ESB	OJ L 168, 30.6.2017, p. 12
Þennan dag skulu skilyrði uppfyllt í ESB	21.07.2019

Vinnslustig (pipeline stage)

COM numer	COM(2015) 583
Dagsetning tillögu ESB	30.11.2015
Dagsetning tillögu	30.11.2015
Samþykktardagur i ESB	21.07.2019

Drög að ákvörðun sameiginlegu nefndarinnar

Stjórnskipulegum fyrirvara aflétt (Liechtenstein)	28.06.2019
Stjórnskipulegum fyrirvara aflétt (Ísland)	27.06.2019
Stjórnskipulegum fyrirvara aflétt (Noregur)	25.06.2019

Ákvörðun sameiginlegu nefndarinnar

Sendingardagur EFTA á drögum að ákvörðun sameiginlegu nefndarinnar til framkvæmdastjórnarinnar	20.12.2018
Staðfestur gildistökudagur	29.06.2019
Tilvísun í EES-viðbæti	EEA Supplement No 73, 12.9.2019, p. 1
Tilvísun í stjórnartíðindi ESB	OJ L 235, 12.9.2019, p. 5

Staða innleiðingar samkvæmt ESA

Staða innleiðingar á Íslandi samkvæmt ESA	Græn: Innleitt
Viðeigandi lög/reglugerði	Log nr. 14/2020 um lysingu verdbrefa sem bodin eru i almennu utbodi eda tekin til vidskipta a skipulegum markadi.

Tillögur að breytingum (Proposed amendments)

COM(2025) 501 52025PC0501	Proposal for a Regulation of the European Parliament and of the Council amending Regulations (EU) 2016/679, (EU) 2016/1036, (EU) 2016/1037, (EU) 2017/1129, (EU) 2023/1542 and (EU) 2024/573 as regards the extension of certain mitigating measures available for small and medium sized enterprises to small mid-cap enterprises and further simplification measures	Tillaga sem gæti verið EES-tæk
COM(2022) 762 52022PC0762	Regulation (EU) 2024/2809 of the European Parliament and of the Council of 23 October 2024 amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises	Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
COM(2021) 725 52021PC0725	Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023 amending certain Regulations as regards the establishment and functioning of the European single access point	Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
COM(2020) 281 52020PC0281	Regulation (EU) 2021/337 of the European Parliament and of the Council of 16 February 2021 amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries and Directive 2004/109/EC as regards the use of the single electronic reporting format for annual financial reports, to support the recovery from the COVID-19 crisis	Tekin upp í EES-samninginn og í gildi
COM(2018) 331 52018PC0331	Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets - re MAR and Prospectus	Tekin upp í EES-samninginn og í gildi

Samantekt EUR-Lex

WHAT IS THE AIM OF THE REGULATIONS?

Regulation (EU) 2017/1129 (the Prospectus Regulation), as amended by Regulations (EU) 2024/2809, 2023/2869, 2021/337, 2020/1503 and 2019/2115, and supplemented by Delegated Regulations (EU) 2019/979, (EU) 2019/980 and (EU) 2021/528, aims to help companies, including small and medium-sized enterprises (SMEs), access different forms of finance in the European Union (EU), and investors to make informed investment decisions. It does so by simplifying and streamlining the rules and procedures for drawing up, approving and distributing the prospectus¹ a company publishes when offering securities² to the public or admitting securities to trading on a regulated market.
The legislation reduces costly and burdensome red tape for companies and enables investors to make the right investment decision by providing comprehensible, easy-to-analyse and concise information.

KEY POINTS

The Prospectus Regulation:

requires a prospectus for an offer of securities to the public or for the admission to trading of securities on a regulated market in the EU;
recognises the status of a listed company by providing exemptions from the obligation to publish a prospectus for offers to the public or admission to trading on a regulated market of securities fungible with those already admitted to trading (introduced by Regulation (EU) 2024/2809); these exemptions are subject to different investor protection safeguards that vary based on the exemption type and whether the securities exceed the 30 % threshold of those already admitted to trading;
removes the need for a prospectus for any offer of securities to the public that does not benefit from a passport³, below the new EU-wide threshold of €12 million (replacing both the previous €1 million exemption and the optional exemption that Member States could establish up to an €8 million ceiling, as amended by Regulation (EU) 2024/2809); Member States may, however, apply a lower threshold of €5 million, but not below that level;
sets out rules to curb the tendency to overload prospectuses with generic risk factors; the amended rules now require that risk factors be specific and material, restrict the use of generic disclaimers and permit issuers to rank risks as low, medium or high;
strengthens supervisory convergence by harmonising the scrutiny and approval of prospectuses (including the applicable timelines) throughout the EU; competent authorities are bound by stricter deadlines and must notify issuers and the European Securities and Markets Authority (ESMA) in the event of delays, while ESMA gains a stronger coordinating role;
enables companies that frequently issue securities to use the universal registration document to secure fast-track approval from supervisors; following the amendment introduced by Regulation (EU) 2024/2809, an issuer now qualifies as a ‘frequent issuer’ after only one year of approved universal registration documents (previously two years);
introduces a European online database, operated free of charge by ESMA, containing all prospectuses approved in the European Economic Area;
requires prospectuses and certain related documents, along with some exemption documents, to be accessible on the European single access point (ESAP).

The Prospectus Regulation requires a prospectus to enable an investor to make an informed decision. It must include:

assets, liabilities, profits, losses, financial position and prospects for the issuer and any guarantor;
rights attached to the securities;
reasons for issuing the securities and their impact on the issuer;
a clear and accurate seven-page summary (except for the admission to trading of non-equity securities only targeting qualified investors) that provides:
- an introduction with warnings that the investor could lose all or part of the invested capital,
- key information on the issuer,
- key information on the securities, including the type and class of securities and the rights attached to the securities,
- key information on the offer of securities to the public and/or the admission to trading on a regulated market,
- where relevant, a brief description of the nature and scope of a guarantee.

The Prospectus Regulation, as amended by Regulation (EU) 2024/2809, establishes a standardised, simplified and significantly alleviated EU growth issuance prospectus, replacing the earlier and more comprehensive EU growth prospectus rules. It is a single, lighter prospectus capped at 75 pages (for shares) available to SMEs, certain issuers on SME growth markets and unlisted companies raising up to €50 million.

In addition, the Prospectus Regulation, as amended by Regulation (EU) 2024/2809, establishes the EU follow-on prospectus for secondary issuances by companies already listed on a regulated market or SME growth market. This is a significantly shorter prospectus (limited to 50 pages for shares), subject to a reduced approval period, and replaces the earlier more comprehensive simplified secondary issuance prospectus.

The Prospectus Regulation, as amended by Regulation (EU) 2024/2809, also significantly streamlines and standardises the main prospectus for all offers of securities to the public or admissions to trading on a regulated market and introduces a page limit of 300 pages for share prospectuses.

The Prospectus Regulation harmonises the minimum information content of the document to be published for a prospectus exemption in connection with a takeover by means of an exchange offer, a merger or a division.

The Prospectus Regulation introduces a prospectus exemption for offers of securities to the public made by crowdfunding service providers (raising money from a large group of people, often via the internet) that do not exceed the threshold of €5 million in accordance with the conditions specified in amending Regulation (EU) 2020/1503.

The Prospectus Regulation, as amended by Regulation (EU) 2024/2809, also makes further changes to improve efficiency and investor protection:

prospectuses are now provided only in electronic form, with simplified language rules;
future financial information may be more efficiently incorporated by reference into base prospectuses, within their validity, instead of being included via a supplement (still possible on voluntary basis);
the equivalence rules for recognising non-EU-country prospectuses are simplified;
investor withdrawal rights are extended from two to three working days.

Delegated acts

The European Commission has adopted the following acts:

Delegated Regulation (EU) 2019/979 laying down details of the key financial information in the summary of the prospectus, the publication and classification of the prospectus, the advertisement for the securities, supplements to a prospectus and the notification portal;
Delegated Regulation (EU) 2019/980 laying down details of the precise content and format of the prospectus, and concerning the scrutiny and approval of the prospectus;
Delegated Regulation (EU) 2021/528 setting out the minimum information content of the document to be published for a prospectus exemption in connection with a takeover by means of an exchange offer, a merger or a division;
Delegated Regulation (EU) 2020/1272 amending and correcting Delegated Regulation (EU) 2019/979;
Delegated Regulation (EU) 2020/1273 amending and correcting Delegated Regulation (EU) 2019/980.

FROM WHEN DO THE REGULATIONS APPLY?

Regulation (EU) 2017/1129 and Delegated Regulations (EU) 2019/979 and (EU) 2019/980 have applied since 21 July 2019.
Delegated Regulation (EU) 2021/528 has applied since 15 April 2021.
Regulation (EU) 2024/2809 entered into force on 4 December 2024. Most of its provisions apply from that date. Certain changes apply from 5 March 2026, and others, including rules on prospectus format, scrutiny and ESMA powers, apply from 5 June 2026. Member States must also comply with particular obligations under Article 2 of Regulation (EU) 2024/2809 by 5 June 2026.

BACKGROUND

Directive 2003/71/EC was designed to make it easier for companies to raise capital throughout the EU on the basis of approval from just one national supervisor. This gave a passport for prospectuses containing cross-border offers. Regulation (EU) 2017/1129, which repealed and replaced the directive, addresses the areas of legal uncertainty and unjustified administrative burdens that had emerged over time and is considered a major milestone towards a European capital markets union.

For further information, see:

Securities prospectus (European Commission)
Prospectus (ESMA).

KEY TERMS

Prospectus. A legal document describing a company’s main line of business, finances and shareholding structure. Potential investors use it to decide whether to buy the securities a company offers.
Securities. Shares, debt securities including bonds, convertible and exchangeable securities, depository receipts, derivative securities and units of closed-end funds.
Passport. Once a prospectus has been approved in one Member State, it is valid throughout the EU (single passport for the issuers).

MAIN DOCUMENTS

Successive amendments to Regulation (EU) 2017/1129 have been incorporated into the original text. This consolidated version is of documentary value only.

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 (OJ L 166, 21.6.2019, pp. 1–25).

See consolidated version.

Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 (OJ L 166, 21.6.2019, pp. 26–176).