On 5 March 2026, two new prospectus types were introduced – the EU Follow-on prospectus and the EU Growth issuance prospectus – as part of the EU’s Listing Act. The new prospectuses replace the previous simplified prospectus for secondary issuances and the EU Growth prospectus. The purpose is to make the prospectus regime more standardised and less burdensome for issuers.
Even though the new prospectus types are less burdensome for issuers, paradoxically they will be used less frequently than their predecessors. This is because the Listing Act has at the same time expanded and introduced new prospectus exemptions, while the threshold for the prospectus requirement in Sweden will be raised to EUR 12 million on 5 June 2026.
In the article, we examine when the EU Follow-on prospectus and the EU Growth issuance prospectus become relevant in practice, as well as the key differences compared with the previous prospectus types. The article also includes an illustrative overview of the scope of the prospectus rules in relation to offers to the public in MTF-companies, as well as reflections on how the new prospectus disclosure requirements relate to the trading venue’s requirements for company descriptions in IPOs.
Read the full article here.