Translation of "Prospekt erstellen" in English

Article 4 allows issuers to opt in for the EU prospectus.

The proposal will, of course, mean that small and medium-sized enterprises will not need to produce a prospectus and it will therefore be easier for them to attract capital.

Drawing up a universal registration document should enable the issuer to keep the information up-to-date and to draw up a prospectus when market conditions become favourable for an offer of securities to the public or an admission to trading on a regulated market by adding a securities note and a summary.

Issuers whose securities are already listed on a regulated market (this category accounts for around 70% of all prospectuses approved in a given year), or the future SME growth market, should enjoy the benefit of an alleviated prospectus for their secondary issuances.

The impact assessment analyses several policy options to achieve the dual goals of alleviating administrative burden for companies which draw up a prospectus (especially SMEs) and of making the prospectus a more valuable information tool for potential investors.

Although the prospectus regime functions well overall, certain requirements of the Prospectus Directive might still be improved to alleviate administrative burden for companies which draw up a prospectus (especially SMEs) and to make the prospectus a more valuable information tool for potential investors.

Third country issuers drawing up a prospectus under this Regulation should appoint a representative among the entities which carry out activities that are regulated and supervised under EU financial services regulation, to serve as a contact point for the purposes of this Regulation.

Where a financial intermediary does not comply with the conditions attached to consent as disclosed in the prospectus, a new prospectus shall be required in accordance with the second paragraph of Article 3(2) of Directive 2003/71/EC.’;

Where such credit institutions issue securities below the limit laid down in that Article, but choose to opt into the regime of this Directive and, consequently, draw up a prospectus, they should be entitled to benefit from the relevant proportionate disclosure regime.

According to the Directive, public offers of securities or admission of securities to trading on a regulated market trigger the obligation to draw up a prospectus to ensure that the public is properly informed.

This alternative format to the usual disclosure schedule should be designed to minimise costs for SMEs by empowering them to draw up a prospectus by themselves, relying on their own capacities.

That should enable the issuer to keep the information up-to-date and draw up a prospectus when market conditions become favourable for an offer or an admission by adding a securities note and a summary.

There will be no fragmentation in the internal market: small issuers that wish to raise capital in several EU Member States can still "opt-into" the EU prospectus.

Those of them that cannot avail themselves of any other exemptions would have to prepare a prospectus either under the standard regime, the base prospectus regime or the specific disclosure regime for secondary issuances where applicable.

However, according to Article 1(3) of the Directive, an issuer whose securities are guaranteed by a Member State shall be entitled to opt in drawing up a prospectus and thus benefiting from the passport mechanism in order to make a cross-border offer in the Community.

SMEs should likewise be offered the option to draw up a distinct, tailor-made prospectus when they offer securities to the public, focusing on information that is material and relevant for companies of such size.

Since it takes several weeks to draw up a prospectus, the delay that entails as well as the uncertain outcome in a changing capital market environment could become a deal breaker during the purchase process.

There will be no obligation to prepare prospectuses for staff share schemes.

However, sovereign issuers may draw up prospectuses in accordance with the Directive in order to qualify for the provisions concerning the European passport for issuers.

Under the current Directives, the issuer could choose to have its prospectus pre-vetted and approved in Germany and would thus only have to prepare one language version of the prospectus.

This would make it easier for issuers – especially SMEs – to draw up their prospectus and would also create a more homogeneous environment, reducing grounds for regulatory discretion.

The threshold is causing practical problems to issuers of non-equity securities who may need to draw up several prospectuses for a single issue, i.e. one to cover a debt issuance program within the threshold and another for the remaining debt issuance activities which might exceed that threshold.

Effectively, every such issuer will be required annually to prepare the business and financial sections of a full prospectus and to have this scrutinised by its home state authorities.

It is expected that the prospectus will be filed following the preparation of a technical report in respect of the Hollister mine, if required in accordance with applicable securities laws, and the preparation of the necessary audited and unaudited financial statements and pro forma financial statements relating to the Acquisition in accordance with applicable securities laws.