Regulatory Alerts2021-12-23
FMA Circular 03/2021 on Prospectus Supervision
The Austrian Financial Market Authority (FMA) issued this circular to define its supervisory framework and legal interpretation for prospectus requirements under the Capital Market Act 2019, Stock Exchange Act 2018, and EU Prospectus Regulation. It clarifies the classification of securities and investments, details format and content standards for various prospectus types, and specifies exemptions, language rules, and validity periods while confirming that the FMA verifies completeness, coherence, and comprehensibility rather than substantive correctness. Issuers retain full liability for prospectus accuracy and material completeness, with this guidance consolidating recent supervisory practices without creating obligations beyond existing statutory law.