Topic Prospectuses Offering securities and investment products
In Germany, securities and other investment products may not be offered to the public without a prospectus. The prospectus requirement is intended to ensure that investors are able to obtain sufficient information before making their investment decisions. Prospectuses are checked by a public authority before being published. This is to verify, amongst other aspects, that each prospectus contains the legally required information about the issuer and about the securities or other investment product.
Which prospectuses does BaFin check?
While BaFin is always the competent authority for checking prospectuses for non-securities investment products, the responsibility for securities prospectuses depends on where the issuer is domiciled. For issuers domiciled in the EEA, the relevant public authority of the country in which they have their registered office is responsible. This means that BaFin is responsible for issuers domiciled in Germany. Issuers from third countries have a once-off option to choose which authority in the EEA will be responsible for approving their securities prospectuses.
For the issuance of certain types of securities, issuers always have, regardless of whether they are domiciled in the EEA or a third country, an option to choose which authority will be responsible for approving the prospectuses.