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Prospectus for the Public Offering of Securities in Europe from Part II - Application in the EU Member States
Published online by Cambridge University Press: 06 January 2010
Introduction
1.1 In Austria, the Prospectus Directive was implemented by a comprehensive amendment of the ‘Capital Market Act’ (the ‘CMA’). The CMA applies to all public offers of securities or investments within Austria and governs the necessity, content and publication requirements of a prospectus in the event of a public offer of securities or investments, as well as the content and publication requirements of a prospectus for admission to trading on a regulated market of an Austrian stock exchange. The amended CMA entered into force on 10 August 2005.
1.2 Until the implementation of the Prospectus Directive in August 2005, as in most other Member States, different rules applied in Austria for prospectuses in connection with the public offer of securities or investments and in connection with the listing admission of securities on an Austrian stock exchange: (i) The CMA provided, inter alia, for the publication of a prospectus in any case of an initial public offer of securities or assets or investments in Austria; and (ii) the ‘Stock Exchange Act’ as amended, provided, inter alia, for the publication of a prospectus for the listing admission of securities or investments on the official and semi-official market of an Austrian stock exchange.
1.3 Since the implementation of the Prospectus Directive in August 2005, the content and publication requirements for prospectuses are exclusively governed by the CMA. The Stock Exchange Act governs, inter alia, the rules for listing admission of securities, insider trading and transparency.
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