Control of prospectuses in 2021

Finanstilsynet controls and approves EEA prospectuses concerning public offerings of transferable securities targeting the Norwegian market and the listing of transferable securities on a Norwegian regulated market.

The most important observations described in the report:

• The enquiries relating to prospectuses are often incomplete or characterised by insufficient knowledge of the regulations or inadequate preparations in connection with the prospectus process.
• The prospectuses often appear not to be thoroughly prepared before being submitted to Finanstilsynet.
• There are often errors or deficiencies in financial information in the prospectuses. This applies in particular to prospectuses that include complex or pro forma financial information.

Finanstilsynet would like to point out that there is a need for significant improvements in the quality of both prospectuses subject to approval and other enquiries to Finanstilsynet. The financial information in prospectuses must be compliant with relevant requirements and be thoroughly prepared in advance.