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How long does it take for the AFM to send a ‘passport’ for the notification of the competent authority of another member state of the EEA of the approval by the AFM of a prospectus?

If a request for the AFM to send a ‘passport’ for the notification of the competent authority of another member state of the EEA of the approval by the AFM of a prospectus (a request to send a ‘passport’) is made before the approval of the prospectus by the AFM, the AFM is required by law to send the passport within one working day after the approval of the prospectus. If the request is made after the AFM has approved the prospectus, the AFM is required by law to send the passport within three working days after the approval of the prospectus. In practice, the AFM aims to send all passports on the same day on which it approves the prospectus.

For completeness sake we point out that the competent authorities of certain member states of the EEA require that a translation of the summary be submitted together with the passport. For more information see ‘Overview of language requirements for the vetting of Prospectus across the EU and a summary of ESMA Members requirements regarding the translation of the ‘Summary Prospectus’’ that can be found on www.esma.europe.eu.



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