Approved securities prospectuses may, upon application, be used in other EEA states for offers to the public or for the admission of securities to trading on a regulated market. For this purpose, the authority approving the prospectuses notifies its approval to other European supervisory authorities. This notification procedure enables issuers to offer securities to the public and/or have securities admitted to trading on a regulated market in multiple EEA countries without having to go through an additional prospectus approval process in each case.

The UK’s departure from the EU and the EEA has the following consequences for the cross-border validity of securities prospectuses:

• Prospectuses approved in the UK can no longer be notified by the UK authorities to other authorities for use in an EEA state or vice versa.
• Prospectuses previously notified by the UK authorities to authorities in other EEA states no longer have cross-border validity. Ongoing offers to the public must therefore be discontinued.
• New offers to the public and new admissions to trading on regulated markets can no longer take place on the basis of notified prospectuses.
• Securities already admitted to trading retain their admission both in Germany and in the UK.
• Issuers from the UK and from third countries that previously selected the UK as their EEA state must now have new prospectuses approved by an authority in the EEA in order to continue being able to offer securities to the public in the EEA and/or have them admitted to trading on a regulated market there.