ESMA · ESMA_QA_909 Published Answer Updated

Updating of the prospectus (Updated 09/09/2026)

Regulation
Prospectus Regulation 2017/1129
Topic
Public offer
Submitted
2021-01-28
Answered
2026-09-09

Question

Is the issuer entitled to use its prospectus to make several offers? (Updated 09/09/2026)

Answer

The following example should provide guidance for this particular situation:  In October 2025, the issuer has an approved prospectus to make a public offer of securities. In June 2026, the issuer decides to make a new offer of securities. As the October prospectus does not contain information concerning the new offer the issuer should produce a new prospectus. This new prospectus could incorporate by reference information from the October prospectus in accordance with Article 19 of the PR .  (Updated answer 09/09/2026)   28/01/2021 Subject Matter: Updating of the prospectus  Question: Is the issuer entitled to use its prospectus to make several offers? Answer: [ESMA 31-62-1258 Prospectuses Q&A nr 14.7] The following example should provide guidance for this particular situation: In October 2019, the issuer has an approved prospectus to make a public offer of securities at that time. In June 2020, the issuer decides to make a new offer of securities. As the October prospectus does not contain information concerning the new offer the issuer should produce a new prospectus.  This new prospectus could incorporate by reference information from the October prospectus in accordance with Article 19 of the PR.

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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