ESMA · ESMA_QA_1003 Published Answer Updated

Supplements - Application of Article 23(3) subparagraphs 1 and 2 (Deleted 09/09/2026)

Regulation
Prospectus Regulation 2017/1129
Topic
Public offer
Submitted
2019-07-12
Answered
2019-07-12
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Question

When must a financial intermediary comply with the obligations set out in the subparagraphs 1 and 2? (Deleted 09/09/2026)

Answer

ESMA_QA_1003 is deleted - 09 September 2026   [ESMA31-62-1258 Prospectuses Q&A 8.4] For the avoidance of doubt, ESMA would like to clarify that the obligations addressed to financial intermediaries in Article 23(3), subparagraphs 1 and 2, of the Prospectus Regulation, should be construed as follows: the obligation laid down in subparagraph 1 should be fulfilled only at the time when investors accept through a financial intermediary to purchase or subscribe the security. While the obligation laid down in subparagraph 2 should be fulfilled on the day when the supplement is published.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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