The following example should provide guidance for this particular situation: 

In October 2025, the issuer has an approved prospectus to make a public offer of securities. In June 2026, the issuer decides to make a new offer of securities. As the October prospectus does not contain information concerning the new offer the issuer should produce a new prospectus. This new prospectus could incorporate by reference information from the October prospectus in accordance with Article 19 of the PR. (Updated answer 09/09/2026)

28/01/2021

Subject Matter: Updating of the prospectus 

Question: Is the issuer entitled to use its prospectus to make several offers?

Answer:

[ESMA 31-62-1258 Prospectuses Q&A nr 14.7]

The following example should provide guidance for this particular situation:

In October 2019, the issuer has an approved prospectus to make a public offer of securities at that time. In June 2020, the issuer decides to make a new offer of securities. As the October prospectus does not contain information concerning the new offer the issuer should produce a new prospectus.  This new prospectus could incorporate by reference information from the October prospectus in accordance with Article 19 of the PR.