Recital 29

(29) Since 31 December 2022, the EU Recovery prospectus referred to in Regulation (EU) 2017/1129 is no longer able to be used. The EU Recovery prospectus had the advantage that it was composed of a single document that was limited in size, making it easy for issuers to draw it up and easy for investors to understand. For those reasons, where the EU Follow-on prospectus relates to shares and is subject to a page limit, the EU Follow-on prospectus could follow a similar model and should be subject to the same reduced scrutiny period as the EU Recovery prospectus. However, the limited scrutiny period should not apply in the case of a transfer from an SME growth market to a regulated market. Moreover, the requirements for the EU Follow-on prospectus should, for obvious reasons, not require Covid-19 crisis-related disclosures. As the EU Follow-on prospectus should replace both the simplified prospectus for secondary issuances and the EU Recovery prospectus, it should be permanent and available for secondary issuances of both equity and non-equity securities. In addition, its use should not be subject to any restrictions beyond the requirement of the minimum and continuous period of admission of the securities concerned to trading on a regulated market or an SME growth market.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.