Publication

Compliance table GLs on Risk factors

Source: https://www.esma.europa.eu/file/54257/download?token=HHZx9hF3

13 January 2020 ESMA31-62-1409 GUIDELINES COMPLIANCE TABLE Guidelines on Risk factors under the Prospectus Regulation (ESMA31-62-1293) The following competent authorities comply or intend to comply with ESMA’s Guidelines on Risk factors under the Prospectus Regulation: Member States AT Austria BE Belgium BG Bulgaria HR Croatia CY Cyprus Competent authority Complies or intends to comply Comments Financial Market Authority (FMA) Financial Services and Markets Authority (FSMA) Financial Supervision Commission (FSC) Hrvatska agencija za nadzor financijskih usluga (HANFA) Cyprus Securities and Exchange Commission (CySEC) Yes https://www. fsma. be/fr/node/7 133;https://www. fsma. be/nl/co ntent/uitgiften Yes Yes Yes Yes https://www. cysec. gov. cy/en- GB/public- info/circulars/issuers/issuers/ CZ Czech Republic Czech National Bank (CNB) Yes https://www. cnb. cz/en/supervi sion-financial- market/legislation/issuance- and-registration-of-securities- takeover-bids-and-squeeze- Competent authority Complies or intends to comply Comments outs/methodological-and- interpretative-documents/ DK Denmark Finanstilsynet Yes EE Estonia Finantsinspek tsioon Yes FI Finland FR France Financial Supervisory Authority

(FIN-FSA) Autorité des Marchés Financiers (AMF) Yes Yes DE Germany BaFin Yes https://www. amf- france. org/Reglementation/Do ctrine/Doctrine- list/Doctrine?docId=workspac e%3A%2F%2FSpacesStore% 2F0a88d69d-e44c-4790-955b- e9b4fa19fd41&category;= https://www. bafin. de/SharedD ocs/Veroeffentlichungen/DE/M eldung/2019/meldung_191121 _ESMA_Leitlinien. html;jsessio nid=92BA03853B21E560C14 9ADC27468EC27. 2_cid372 EL Greece HU Hungary Hellenic Capital Market Commission (HCMC) Magyar Nemzeti Bank (MNB) Yes Intends to comply* Intends to comply by 31 March 2020 IE Ireland Central Bank of Ireland Yes IT Italy LV Latvia Competent authority Commissione Nazionale per le Società e la Borsa (CONSOB) Financial and Capital Market Commission (FCMC) Complies or intends to comply Comments Yes https://www. fktk. lv/tiesibu- akti/finansu-instrumentu- tirgus/es-normative-akti/evti- pamatnostadnes/ Yes LT Lithuania Lietuvos bankas (LB) Yes https://www. lb. lt/uploads/docu ments/docs/23277_d5dc8640 355c51bee20ec71c68fb77e2. pdf LU Luxembourg MT

Malta NL

Netherlands Commission de Surveillance du Secteur Financier (CSSF) Malta Financial Services Authority (MFSA) Authority for the Financial Markets

(AFM) Yes http://www. cssf. lu/en/supervisi on/securities- markets/prospectus/european- documentation/ Yes Yes https://www. afm. nl/en/professi onals/doelgroepen/effectenuit gevende- ondernemingen/prospectustoe zicht-nieuw/wijzigingen PL Poland Komisja Nadzoru Finansowego (KNF) Yes PT

Portugal Comissão do Mercado de Valores Mobiliários (CMVM)

Yes https://www. cmvm. pt/pt/Coope racao/esma/DocumentosESM ACESR/Documents/esma31- 62- 1293_guidelines_on_risk_fact ors_under_the_prospectus_re gulation_pt. pdf Complies or intends to comply Comments RO

Romania SK Slovakia SL Slovenia ES Spain Competent authority Romanian Financial Supervisory Authority (ASF) Národná banka Slovenska (NBS) Securities Market Agency (SMA) Comisión Nacional del Mercado de Valores (CNMV) Yes Yes Yes Yes SE Sweden Finansinspekt ionen (FI) Yes UK United Kingdom EEA EFTA States ** Financial Conduct Authority (FCA) Yes IS Iceland Central Bank of Iceland1 Intends to comply* Intends to comply by 01 April 2020 legislative proposal to A implement the Prospectus Regulation is expected to be submitted in December 2019 and enter into force on 01 April 2020 to parliament LI Liechtenstein Finanzmarkta ufsicht (FMA) Yes

1 Formerly Fjármálaeftirlitið (FME).

Competent authority Complies or intends to comply Comments NO Norway Finanstilsynet Yes * Please note that, in the interest of transparency, if a competent authority continues to intend to comply after the application date, it will be considered “non-compliant” unless (A) the Guidelines relate to a type of institution or instruments which do not currently exist in the jurisdiction concerned; or (B) legislative or regulatory proceedings have been initiated to bring any national measures necessary to comply with the Guidelines in force in the jurisdiction concerned. ** The competent authorities of the EEA States other than the Member States of the European Union are required to notify their compliance with ESMA’s Guidelines relating to a legal act that has been incorporated in the EEA Agreement. This compliance table reports on Guidelines relating to the Prospectus Regulation, which has been incorporated in the EEA Agreement. Notes Article 16(3) of Regulation (EU) No 1095/2010 (the ESMA Regulation) requires national competent authorities to inform us whether they comply or intend to comply with each Guideline or recommendation we issue. If a competent authority does not comply or does not intend to comply it must inform us of the reasons. We decide on a case by case basis whether to publish reasons. ESMA endeavours to ensure the accuracy of this document, however, the information is provided by the competent authorities and, as such, ESMA cannot accept responsibility for its content or any reliance placed on it.

For further information on the current position of any competent authority, please contact that competent authority. Contact details can be obtained from our website (www. esma. europa. eu).

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Compliance table GLs on Risk factors

ESMA - European Securities and Markets Authority

On Jan. 13, 2020, 2:41 p.m. • In ESMA News

Source: https://www.esma.europa.eu/file/54257/download?token=HHZx9hF3

13 January 2020 ESMA31-62-1409 GUIDELINES COMPLIANCE TABLE Guidelines on Risk factors under the Prospectus Regulation (ESMA31-62-1293) The following competent authorities comply or intend to comply with ESMA’s Guidelines on Risk factors under the Prospectus Regulation: Member States AT Austria BE Belgium BG Bulgaria HR Croatia CY Cyprus Competent authority Complies or intends to comply Comments Financial Market Authority (FMA) Financial Services and Markets Authority (FSMA) Financial Supervision Commission (FSC) Hrvatska agencija za nadzor financijskih usluga (HANFA) Cyprus Securities and Exchange Commission (CySEC) Yes https://www. fsma. be/fr/node/7 133;https://www. fsma. be/nl/co ntent/uitgiften Yes Yes Yes Yes https://www. cysec. gov. cy/en- GB/public- info/circulars/issuers/issuers/ CZ Czech Republic Czech National Bank (CNB) Yes https://www. cnb. cz/en/supervi sion-financial- market/legislation/issuance- and-registration-of-securities- takeover-bids-and-squeeze- Competent authority Complies or intends to comply Comments outs/methodological-and- interpretative-documents/ DK Denmark Finanstilsynet Yes EE Estonia Finantsinspek tsioon Yes FI Finland FR France Financial Supervisory Authority

(FIN-FSA) Autorité des Marchés Financiers (AMF) Yes Yes DE Germany BaFin Yes https://www. amf- france. org/Reglementation/Do ctrine/Doctrine- list/Doctrine?docId=workspac e%3A%2F%2FSpacesStore% 2F0a88d69d-e44c-4790-955b- e9b4fa19fd41&category;= https://www. bafin. de/SharedD ocs/Veroeffentlichungen/DE/M eldung/2019/meldung_191121 _ESMA_Leitlinien. html;jsessio nid=92BA03853B21E560C14 9ADC27468EC27. 2_cid372 EL Greece HU Hungary Hellenic Capital Market Commission (HCMC) Magyar Nemzeti Bank (MNB) Yes Intends to comply* Intends to comply by 31 March 2020 IE Ireland Central Bank of Ireland Yes IT Italy LV Latvia Competent authority Commissione Nazionale per le Società e la Borsa (CONSOB) Financial and Capital Market Commission (FCMC) Complies or intends to comply Comments Yes https://www. fktk. lv/tiesibu- akti/finansu-instrumentu- tirgus/es-normative-akti/evti- pamatnostadnes/ Yes LT Lithuania Lietuvos bankas (LB) Yes https://www. lb. lt/uploads/docu ments/docs/23277_d5dc8640 355c51bee20ec71c68fb77e2. pdf LU Luxembourg MT

Malta NL

Netherlands Commission de Surveillance du Secteur Financier (CSSF) Malta Financial Services Authority (MFSA) Authority for the Financial Markets

(AFM) Yes http://www. cssf. lu/en/supervisi on/securities- markets/prospectus/european- documentation/ Yes Yes https://www. afm. nl/en/professi onals/doelgroepen/effectenuit gevende- ondernemingen/prospectustoe zicht-nieuw/wijzigingen PL Poland Komisja Nadzoru Finansowego (KNF) Yes PT

Portugal Comissão do Mercado de Valores Mobiliários (CMVM)

Yes https://www. cmvm. pt/pt/Coope racao/esma/DocumentosESM ACESR/Documents/esma31- 62- 1293_guidelines_on_risk_fact ors_under_the_prospectus_re gulation_pt. pdf Complies or intends to comply Comments RO

Romania SK Slovakia SL Slovenia ES Spain Competent authority Romanian Financial Supervisory Authority (ASF) Národná banka Slovenska (NBS) Securities Market Agency (SMA) Comisión Nacional del Mercado de Valores (CNMV) Yes Yes Yes Yes SE Sweden Finansinspekt ionen (FI) Yes UK United Kingdom EEA EFTA States ** Financial Conduct Authority (FCA) Yes IS Iceland Central Bank of Iceland1 Intends to comply* Intends to comply by 01 April 2020 legislative proposal to A implement the Prospectus Regulation is expected to be submitted in December 2019 and enter into force on 01 April 2020 to parliament LI Liechtenstein Finanzmarkta ufsicht (FMA) Yes

1 Formerly Fjármálaeftirlitið (FME).

Competent authority Complies or intends to comply Comments NO Norway Finanstilsynet Yes * Please note that, in the interest of transparency, if a competent authority continues to intend to comply after the application date, it will be considered “non-compliant” unless (A) the Guidelines relate to a type of institution or instruments which do not currently exist in the jurisdiction concerned; or (B) legislative or regulatory proceedings have been initiated to bring any national measures necessary to comply with the Guidelines in force in the jurisdiction concerned. ** The competent authorities of the EEA States other than the Member States of the European Union are required to notify their compliance with ESMA’s Guidelines relating to a legal act that has been incorporated in the EEA Agreement. This compliance table reports on Guidelines relating to the Prospectus Regulation, which has been incorporated in the EEA Agreement. Notes Article 16(3) of Regulation (EU) No 1095/2010 (the ESMA Regulation) requires national competent authorities to inform us whether they comply or intend to comply with each Guideline or recommendation we issue. If a competent authority does not comply or does not intend to comply it must inform us of the reasons. We decide on a case by case basis whether to publish reasons. ESMA endeavours to ensure the accuracy of this document, however, the information is provided by the competent authorities and, as such, ESMA cannot accept responsibility for its content or any reliance placed on it.

For further information on the current position of any competent authority, please contact that competent authority. Contact details can be obtained from our website (www. esma. europa. eu).