Article 9

Disclosure and reporting conditions for stabilisation 1. The following information shall be adequately publicly disclosed by issuers, offerors, or entities undertaking the stabilisation acting, or not, on behalf of such persons, before the opening of the offer period of the relevant securities: the fact that stabilisation may be undertaken, that there is no assurance that it will be undertaken and that it may be stopped at any time; the fact that stabilisation transactions are aimed to support the market price of the relevant securities; the beginning and end of the period during which stabilisation may occur; the identity of the stabilisation manager, unless this is not known at the time of publication in which case it must be publicly disclosed before any stabilisation activity begins; the existence and maximum size of any overallotment facility or greenshoe option, the exercise period of the greenshoe option and any conditions for the use of the overallotment facility or exercise of the greenshoe option. The application of the provisions of this paragraph shall be suspended for offers under the scope of application of the measures implementing Directive 2004/.../EC (prospectus Directive), from the date of application of these measures. 2. Without prejudice to Article 12(1)(c) of Directive 2003/6/EC, the details of all stabilisation transactions must be notified by issuers, offerors, or entities undertaking the stabilisation acting, or not, on behalf of such persons, to the competent authority of the relevant market no later than the end of the seventh daily market session following the date of execution of such transactions. 3. Within one week of the end of the stabilisation period, the following information must be adequately disclosed to the public by issuers, offerors, or entities undertaking the stabilisation acting, or not, on behalf of such persons: whether or not stabilisation was undertaken; the date at which stabilisation started; the date at which stabilisation last occurred; the price range within which stabilisation was carried out, for each of the dates during which stabilisation transactions were carried out. 4. Issuers, offerors, or entities undertaking the stabilisation, acting or not, on behalf of such persons, must record each stabilisation order or transaction with, as a minimum, the information specified in Article 20(1) of Directive 93/22/EEC extended to financial instruments other than those admitted or going to be admitted to the regulated market. 5. Where several investment firms or credit institutions undertake the stabilisation acting, or not, on behalf of the issuer or offeror, one of those persons shall act as central point of inquiry for any request from the competent authority of the regulated market on which the relevant securities have been admitted to trading.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.