The approval procedure starts with submitting an application for approval of a prospectus or supplement. You can find information on how to submit an application here. Within two working days after your application, we will send you a confirmation of receipt. This includes a reference number and details of your AFM supervision officer. The AFM has a period of 10 working days to assess the draft prospectus and to respond. If the issuing institution is offering securities or admitting its securities to trading on a regulated market for the first time, this period is extended to 20 working days for a first draft prospectus.
You will receive one of the following responses from us within either 10 or 20 working days:
- A comment form. You will be given the opportunity to reply to the comments in this form or/and to incorporate them into a new draft of the prospectus.
- A message stating that the AFM has no comments to the prospectus and that it can, therefore, be approved.
Comment sheetThe AFM can only approve a prospectus if it meets the requirements of completeness, consistency and comprehensibility. If this is not the case, then we will inform you accordingly with a comment sheet. You will receive this document by e-mail within the 10 or 20 working day assessment period, after which you will be able to amend the prospectus and submit a new draft. We will then evaluate this new draft within 10 working days. You will receive either a new comments sheet, or a message that we have no further comments to the draft prospectus. The approval procedure may involve several comment rounds.
No commentsOnce we have no further comments, we will request you to submit the final version of the prospectus. This version should be in PDF format, not exceed 20 MB, and be the same version to be used after approval (including date, final format and any figures or images). The AFM will then submit the final version to an approval committee. Once the prospectus has been approved, you will receive an e-mail notification of the decision to approve your prospectus.
Publication of the prospectus
We publish approved prospectuses in a register on the AFM website. This does not discharge the issuing institution of its own obligation to publish the prospectus. All approved prospectuses must continue to be available for at least 10 years after publication. This also applies to documents referred to in the prospectus, supplements to the prospectus and/or the final terms of base prospectuses.
Termination of the approval procedure Under certain circumstances, we may refuse approval of the prospectus and terminate the procedure. This may be the case if
- we do not receive an amended draft prospectus, or within a certain time period;
- the amended draft prospectus (still) does not meet the requirements of completeness, comprehensibility and consistency.
If you still wish to have your prospectus approved after the termination of the procedure, then you must submit a new application for approval of the prospectus. You will receive a new invoice for charges incurred for the new application.