Regulatory Alerts2026-05-19 | Supervisory Statement 3/2026 (WA): Level I-compliant interpretation of Delegated Regulation (EU) 2019/980 regarding the preparation, scrutiny and approval of securities prospectusesSupervisory Statement 3/2026 (WA): Level I-compliant interpretation of Delegated Regulation (EU) 2019/980 for securities prospectuses
BaFin issued Supervisory Statement 3/2026 to mandate a Level I-compliant interpretation of the currently applicable Delegated Regulation (EU) 2019/980 for securities prospectuses. Effective from 5 June 2026 until the amended regulation enters into force, BaFin will approve prospectuses under existing Level II rules while requiring specific Level I changes such as two-year historical financial data, inclusion of the management report, and removal of the MD&A and capitalisation statements. Preparers may voluntarily adopt draft amendments like standardized structures, and BaFin recommends drafting prospectuses to align with both the current and future regulations for seamless approval.
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