[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.