Does the distribution of oil fuels and gaseous fuels in the Paris Aligned Benchmarks exclusions under Article 12(1)(e) and Article 12(1)(f) of the Delegated Regulation (EU) 2020/1818 include retail distribution?

How should an offeror undertaking a secondary issuance of existing shares and using the exemptions for fungible securities set out in Article (1), paragraph 4, points (da) and (db) of the Prospectus Regulation (amended by the Listing Act) provide the information required by Annex IX of the Listing Act, in those cases in which the issuer is not involved in the offer or the offeror is not involved in the ongoing management of the issuer?

Please provide guidance on how the issuer’s declaration and risks statements set out in Annex IX shall be managed by the offeror. In particular the requirements include:

Statement of continuous compliance with reporting and disclosure obligations throughout the period of being admitted to trading, including under Directive 2004/109/EC, where applicable, Regulation (EU) No 596/2014 and, where applicable, Commission Delegated Regulation (EU) 2017/565.

Statement that at the time of the offer the issuer is not delaying the disclosure of inside information pursuant to Regulation (EU) No 596/2014.

Risks factors specific to the issuer

What is the scope of the exclusion applicable to gaseous fuels under Article 12(1)(f) of the Delegated Regulation (EU) 2020/1818? For instance, does the exclusion apply to biogas or hydrogen activities?

Can an ELTIF acquire equity or debt instruments issued by another collective investment scheme (CIS) or grant loans to another CIS, i.e. can CISs qualify as qualifying portfolio undertaking as referred to in points a), b) and c) of Article 10(1) of the ELTIF Regulation? If yes, would the conditions set under article 11 or under article 10(1)d) apply? And would the look-through approach referred to in Article 10(2) of the ELTIF Regulation apply in this case, in particular for debt instruments referred to in Article 10(1)(b) of that Regulation issued by CIS, if CIS can qualify as “qualifying portfolio undertaking as referred to in Article 11?

Information that is incorporated pursuant to Article 19(1b) of the Prospectus Regulation will not have been considered by an NCA during the prospectus scrutiny and approval process. How will that interact with the NCA’s approval statement which will be included in the base prospectus at the time of approval?