Subject Matter
Prospectus exemption in connection with a takeover by means of an exchange offer
Question
What is the meaning of ‘approval’, as referred to in Article 1(6a), point (b), of Regulation (EU) 2017/1129? Is it an approval which follows a process similar to that envisaged in Commission Delegated Regulation (EU) 2019/980 for prospectuses, or an approval which follows the process applied by relevant national supervisory authorities under Directive 2004/25/EC?
Level 1 Regulation
Prospectus Regulation 2017/1129