Contributed By CHSH Cerha Hempel Spiegelfeld Hlawati
Making a public offer triggers an obligation to produce a prospectus, as laid down in the Capital Market Act (Kapitalmarktgesetz), Section 2. The purpose of such a prospectus is to give investors the opportunity to gain greater knowledge of the risks involved in investing in securities and mutual funds. Before publishing the prospectus, the Austrian Financial Market Authority has to check it for completeness, coherence and comprehensibility. Only then may it approve the prospectus.
The prospectus must comply with the provisions of the Capital Market Act and must be published at least one banking day in advance. It is deemed available to the public if it is published in the Austrian Official Gazette (Amtsblatt zur Wiener Zeitung), in a nationwide newspaper, on the issuer's website, on the website of the regulated market to which admission to trading is being sought, on the website of the Financial Market Authority or in a printed form to be made available free of charge to the public at the competent bodies of the market on which the securities are being admitted to trading.