Licensing and approval proceedings - Issuers
In the area of public offers of securities or the admission of investment instruments to a regulated market pursuant to Regulation (EU) 2017/1129 of the European Parilament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (Prospectus Regulation) the CNB approves prospectuses, their separate parts, upplements, base prospectuses, EU Growth prospectuses, etc.
The CNB approves a prospectus at the request of the issuer, the offeror or the person asking for admission to trading on a regulated market. The requisites of the prospectus are laid down in Prospectus Regulation, Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004, Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014 and Commission Delegated Regulation (EU) 2016/301 and Act No. 256/2004 Coll., the Capital Market Undertakings Act.
In the area of takeover bids pursuant to Act No. 104/2008 Coll. (pdf, 363 kB, in Czech only), on Takeover Bids, the CNB decides on:
- allowing or prohibiting the publication, withdrawal or amendment of takeover bids, and
- prolonging the deadline pursuant to Article 13(1) of the Act on Takeover Bids
In connection with a public offer to purchase or exchange participating securities admitted for trading on a regulated market pursuant to Article 330 of of the Act on Commercial Companies and Cooperatives (Business Corporations Act) (pdf, 1,32 MB), the CNB decides on:
- prohibiting the making of a public offer of a contract or making a call to rectify defects in the offer.
In connection with the compulsory transfer of participating securities admitted to trading on a regulated market (squeeze-out), the CNB decides on:
- granting prior consent to the justification of proposed consideration amounts pursuant to the Act on Business Corporations.
The form of the individual applications is not stipulated.
Official information, methodological documents – Guidance on the prospectus scrutiny and approval process