ESMA_QA_997
28/01/2021
Subject Matter
Item 18.1.1 of Annex 1 Commission Delegated Regulation 2019/980: clarifying the meaning of “or such shorter period as the issuer has been in operation”
Original question
Do these requirements only apply when the issuing entity has been operating for less than one year (e.g. when the issuer is a newly incorporated holding company of an established business) or is it if the business as a whole has less than one year of history?
ESMA Answer
28-01-2021
Original language
[ESMA31-62-1258 Prospectuses Q&A 7.4d]
The requirements1 only apply if the business as a whole has less than one year financial information.
If in addition the entire business undertaking at the time of the prospectus is not accurately represented in the audited historical financial information required under item 18.1.1, the issuer will have to assess whether pro-forma information or complex financial history information is needed, e.g. where there is a merger.
1. The requirements in 7.4b and 7.4c.
Status: Answer Published
Additional Information
Level 1 Regulation
Prospectus Regulation 2017/1129
Topic
Prospectus Register