Regulatory Alerts2021-12-23
FMA Circular 03/2021 on Prospectus Supervision
The Austrian Financial Market Authority (FMA) issued Circular 03/2021 to provide guidance on the supervision of prospectuses under the Capital Market Act 2019 and the EU Prospectus Regulation. The document outlines the FMA's supervisory principles, defining the scope of securities and investments, and details the specific format, content, and exemption requirements for various prospectus types. It clarifies that the FMA's review focuses on completeness, coherence, and comprehensibility rather than the factual correctness of the information contained within the documents.
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