Prospectus Regulation
This Regulation aims to lay down requirements for the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. This Regulation establishes a uniform disclosure framework to protect investors and ensure the functioning of the internal market, and replaces Directive 2003/71/EC. It covers the drawing up, approval, publication and content of the prospectus, including the summary, risk factors and financial information. It also sets differentiated rules for different types of securities, sizes of issuer and specific situations (such as SME growth markets).
Timeline
- 19 Aug 2017Entry into force
- 21 Jul 2019Prospectus approval and publication
- 21 Jul 2019AuthoritiesMember State implementation of Article 11, Article 20(9), Article 31, Article 32 and Articles 38-43
- 5 Jun 2026The prospectus exemption threshold as amended by Reg (EU) 2024/2809 (Listing Act) starts to apply (Article 3)
Key facts
- Reference
- Regulation (EU) 2017/1129
- Adopted
- 14 Jun 2017
- Published
- 30 Jul 2017
- Status
- In force
- Amendments
- Amended by Reg (EU) 2024/2809 (Listing Act): from 5 June 2026 the prospectus exemption threshold is EUR 12 million (Member States may apply EUR 5 million), and new formats such as the EU Follow-on prospectus and the EU Growth issuance prospectus have been introduced.
- Topic
- ESG & Governance
- Industries
- Cross-sector, Financial Services
Main compliance requirements
Paid members only
The main compliance requirements, applicability questions and penalties are available in the ZC Smart Compliance Hub. Paid members and clients can sign in to the Hub to view them.
Related legislation
- Repeals and replaces Directive 2003/71/EC (with effect from 21 July 2019, except for certain provisions with different effective dates)
Official sources
Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public