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Reduced Turnaround Times for Supplements approved under the Prospectus Directive
Effective 2 August 2016, the turnaround times assigned to the review of supplements by the Central Bank of Ireland (“CBI”) will change. Comments on supplements received before 5:00 pm (Irish time) will be returned within one working day, ie, by close of business on the following working day. Currently the review time for non-financial supplements is three working days.
The reduced turnaround times will only apply to new supplements submitted to the CBI from 2 August 2016 onwards.
Please note that the review process for financial supplements, which currently takes one working day, remains unchanged.
Form of Documents
Directive 2003/71/EC (“Prospectus Directive”) was recently supplemented by way of a Commission Delegated Regulation (EU) 2016/301 (“Regulation”) with regard to regulatory standards for approval and publication of the prospectus and dissemination of advertisements.
As a result certain aspects will affect the review and approval process.
With immediate effect, a draft prospectus should must always be submitted to the CBI in searchable electronic format and through electronic means acceptable to the CBI. This allows the CBI to search for specific terms or words in the prospectus facilitating a faster scrutiny and contributes to an efficient and timely review process. Any changes submitted on the morning of approval to the CBI must also be in the form of searchable blacklined page pulls submitted in electronic format.