CMVM Comissão do Mercado de Valores Mobil : ESMA atualiza perguntas e respostas relativas ao Regulamento do Prospeto - janeiro 2021

Questions and Answers

on the Prospectus Regulation

ESMA/2019/ESMA31-62-1258

Version 6

Last updated on 28 January 2021

Table of Contents
1.	Purpose and status.........................................................................................................	5
2.	Legislative references and abbreviations........................................................................	5
3.	Summary table ...............................................................................................................	8
4.	Questions and Answers.................................................................................................	17
	Grandfathering/Implementation of the Prospectus Regulation ...............................	17
	1.1 Application of provisions on advertisements under the Prospectus Regulation to
	prospectuses approved under national laws implementing the Prospectus Directive.....	17
	1.2 Use of Registration Document approved under national laws implementing the
	Prospectus Directive in a prospectus approved under the Prospectus Regulation.........	17
	1.3 Passporting of a prospectus approved under national laws implementing the
	Prospectus Directive after the entry into application of the Prospectus Regulation ........	19
	1.4 Supplementing of a prospectus approved under national laws implementing the
	Prospectus Directive after the entry into application of the Prospectus Regulation ........	19

1.5 Filing of final terms in relation to a base prospectus approved under national laws implementing the Prospectus Directive after the entry into application of the Prospectus

Regulation .....................................................................................................................

20

1.6 Continuing an offer which has initially been made using a base prospectus approved pursuant national laws implementing the Prospectus Directive after the entry into

application of the Prospectus Regulation .......................................................................	20
Status of level 3 guidance following the transition from the PD to PR....................	22
2.1 Applicability of the Level 3 guidance relating to the Prospectus Directive after the entry
into application of the Prospectus Regulation ................................................................	22
Updating information in an RD or URD ......................................................................	22
3.1	Updating information in a registration document before it is part of a prospectus.....	22
3.2	Updating information in a universal registration document before it is part of a
prospectus.....................................................................................................................	23
3.3 Updating information in a registration document or a universal registration document
after it is part of a prospectus.........................................................................................	27
Public offer...................................................................................................................	30
4.1	Share option schemes .............................................................................................	30
4.2	Free offers ...............................................................................................................	31

4.3 Rights issue: communication by a custodian to its clients in a member state about pre- emption rights in relation to a public offer of new shares taking place in another EEA

member state ................................................................................................................

31

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4.4	Subscription of securities by residents of a country where the public offer is not taking
place..............................................................................................................................	32
Incorporation by reference .........................................................................................	33
5.1	Incorporation by reference: language requirements .................................................	33
Home Member State ....................................................................................................	34
6.1 Nearly equivalence of Euro 1,000 (Article 2(m)(ii) of the Prospectus Regulation) ....	34
Financial information ..................................................................................................	34
7.1	Item 18.1.1 of Annex I of the Commission Delegated Regulation (EU) 2019/980.....	34

7.2 Inclusion of Alternative Performance Measures (APMs) in information disclosed about

the offer to the public or the admission to trading on a regulated market .......................	35
7.3 Identification of profit forecasts in prospectuses.......................................................	36

7.4 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" .......................	40
Supplements................................................................................................................	43
8.1 Supplement to prospectuses: interim financial information.......................................	43

8.2 Non-relevant information in relation to a published prospectus that does not trigger the

obligation to publish a supplement.................................................................................	43
8.3 Application of Article 23(3) where an entity distributes its own securities .................	44
8.4 Application of Article 23(3) subparagraphs 1 and 2..................................................	45
Passporting..................................................................................................................	45
9.1 Quality of translations of passported prospectuses ..................................................	45
Responsibility for a prospectus .................................................................................	47
10.1	Responsibility Statements......................................................................................	47
Final terms/Base prospectus......................................................................................	47
11.1	More than one final terms for a specific issue of bonds..........................................	47
11.2	Issue specific details in case of Category B items..................................................	48
Derivatives, indices, underlyings and related disclosure.........................................	50
12.1	Interpretation of the text "description of the index" included in item 2.2.2 of Annex 17
of the Commission Delegated Regulation (EU) 2019/980 ..............................................	50
12.2	Type of underlying .................................................................................................	51
Summaries ...................................................................................................................	52
13.1	Inclusion of "extra" information in individual summaries .........................................	52
13.2	Pro-forma summaries in base prospectuses ..........................................................	52
13.3	The length of summaries (multiple securities) ........................................................	53
13.4	The length of summaries (multiple guarantors) ......................................................	53
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Other.............................................................................................................................	54
14.1	Offering programmes .............................................................................................	54
14.2 Use of the term "prospectus" .................................................................................	54
14.3	Item 4.6 of Annex 11 of Commission Delegated Regulation (EU) 2019/980 ..........	55

14.4 Scope of the wording 'any bankruptcies, receiverships or liquidations' used in Annex

1, item 12.1 and Annex 3, item 8.1 ................................................................................	55
14.5 Estimate expenses charged by a financial intermediary in a retail cascade ...........	56

14.6 Application of the various annexes of Commission Delegated Regulation 2019/980

......................................................................................................................................56

14.7	Updating of the prospectus ....................................................................................	57
14.8	Valuations and statements prepared by an expert .................................................	57
14.9 Order of the information in the prospectus .............................................................	58
14.10 How to determine which annexes of Commission Delegated Regulation 2019/980
apply when drawing up a prospectus.............................................................................	59
Thresholds, calculations, exemptions, scope ...........................................................	59
15.1	Application of Article 1(5)(a) of the Prospectus Regulation ....................................	59
15.2 Adjustment of the basis for the 20% calculation in Article 1(5)(a) of the	Prospectus
Regulation .....................................................................................................................	61
15.3 The exemptions from the obligation to publish a prospectus in Article 1(5) Prospectus
Regulation (EU) 2017/1129 as stand-alone exemptions ................................................	61
Brexit ............................................................................................................................	62

16.1 Choice of PR home Member State at the end of the UK's transition period for leaving

the EU ...........................................................................................................................

62

16.2 Use of prospectuses, approved by the UK, after the end of the UK's transition period

for leaving the EU ..........................................................................................................

64

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