An application for approval of a prospectus can only be taken into consideration when the following documents are received by the AFM: the completed and signed statement and the documents mentioned in that statement (if applicable), including a signed request for approval.
When the issuer is a ‘specialist’ issuer as meant in the prospectus regulation and the ‘ESMA Recommendations’, the applicable completed checklists must be sent to the AFM as well. Specialist issuers are: property companies, mineral companies, scientific research based companies, companies with less than 3 years of existence (start up companies) and shipping companies.
Please send the documents by e-mail to email@example.com.
The AFM will notify the applicant of its decision relating the approval within 10 working days of the submission of these documents. This period shall be extended to a maximum of 20 working days if the securities to be offered to the public or admitted to trading involves securities offered by an issuing institution which does not have any securities admitted to trading on a regulated market and who has not previously offered securities to the public.
If the documents submitted by the applicant are incomplete or if further information is necessary for the AFM to assess the capital, financial position, results or prospects of the institution or the rights and obligations attached to the securities, the AFM will notify the applicant within a period of 10 or 20 working days and will grant the applicant the opportunity to supplement such information. Generally, for this purpose, the applicant for approval will receive a 'document comment sheet' from the AFM.
The 10- or 20-day approval period will start again when the applicant provides the additional information.