Answer provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation

Issuers are considered to be compliant with reporting and disclosure obligations as referred to in Annex IX, point IV, of Regulation (EU) 2017/1129 for the purpose of the statement of continuous compliance if they are compliant with those obligation at the moment when an offer of securities to the public in scope of the exemption under Article 1(4), point (da) or (db) is made, or when admission to trading on a regulated market in scope of the exemption under Article 1(5), point (ba), is sought.

Disclaimer:

The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.