Prospectus Disclosure Requirements
Issuers of plain vanilla securities with a denomination per unit of less than EUR 50,000 must comply with the retail disclosure requirements. The retail disclosure requirements on the issuer and the securities are set out within annex 4 (retail registration document schedule) and annex 5 (retail securities note schedule) of the prospectus regulations.
In addition, a prospectus prepared for plain vanilla securities with a denomination per unit of less than EUR 50,000 must include a summary conveying the essential characteristics (in brief and non-technical language) of, and risks associated with, the issuer, any guarantor and the transferable securities to which the prospectus relates. The summary disclosure requirements are set out in PR 2.1.
Issuers of plain vanilla securities with a denomination per unit of at least EUR 50,000 are required to comply with the wholesale disclosure requirements. The wholesale disclosure requirements are set out within annex 9 (wholesale registration document schedule) and annex 13 (wholesale securities note schedule) of the Prospectus Regulations.
Credit institutions, as defined by the prospectus directive, can also choose to comply with the requirements set out within annex 11 (banks registration document) instead of annex 4 or annex 9.
In addition, all plain vanilla securities that are guaranteed must disclose information regarding the guarantor and the guarantee. The guarantor disclosure requirements are set out within annex 6 (guarantor schedule) of the Prospectus Regulations.
As set out in item 6.3 of annex 6, the guarantor must also disclose information about itself as if it were an issuer.
The relevant schedules can be viewed below:
- Retail registration document schedule (annex 4)
- Wholesale registration document schedule (annex 9)
- Banks registration document schedule (annex 11)
- Retail securities note schedule (annex 5)
- Wholesale securities note schedule (annex 13)
- Guarantor schedule (annex 6)
