On 7 June 2024, CERHA HEMPEL Banking & Finance Partner Peter Knobl, together with Mag. Meichenitsch-Rasinger (FMA) and Dr. Alexander Russ (eunomia Rechtsanwälte), gave a presentation to issuers and distributors of financial instruments on changes in EU and Austrian prospectus laws. The session focused on the changes to be introduced by the EU Listing Act, ESG related legislation and the introduction of the European Single Access Point (ESAP), as well as new developments relating to withdrawal rights and prospectus liability. The lively discussion focused on the information obligations of financial intermediaries and issuers towards subscribers on the day of publication of a prospectus supplement, the scope of the obligation of issuers of non-equity securities to publish a prospectus supplement because of newly published financial reports, information obligations of issuers towards national collection bodies for the purposes of introducing the ESAP, and the time schedule for the disclosure of ESG-related information in corporate sustainability reporting (Directive 2022/2464) that in future will have to be included by reference in securities prospectuses.
Kudos to ARS for arranging the session, and to Mag. Meichenitsch-Rasinger (FMA) and Dr. Alexander Russ for their riveting presentations and not least to the participants who were obviously interested and keen to discuss these issues.